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- USD/JPY: Underlying dovish Fed-BoJ divergence to drive the pair higher – OCBC
USD/JPY: Underlying dovish Fed-BoJ divergence to drive the pair higher – OCBC
The 115.00 support held out after a test on Monday. Economists at OCBC Bank expect the USD/JPY pair to remain supported as the risk reversals have moved less in favour of USD/JPY downside.
Dips should be shallow
“While there is a chance of further declines on risk-off, our bias is that dips should be shallow, and there are better expressions of global risk-off than being short USD/JPY for now.”
“Look towards the Fed-BoJ divergence and the UST-JGB front-end yield spread to return as drivers should we see further de-escalation from here.”
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