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- A break below 153.35 for USD/JPY is going to be a bearish signal – Rabobank
A break below 153.35 for USD/JPY is going to be a bearish signal – Rabobank
The JPY has extended its better tone today, reinforcing its position as the best performing G10 currency on a 1 day, 5 day and month-to-date view, Rabobank's FX analyst Jane Foley notes.
JPY extends its better tone today
"This morning’s move took USD/JPY back below 155.00. So far this month, the currency pair has struggled to hold breaks of this level, with price action running into support at the upper boundary of the Ichimoku cloud."
"On the back of remarks from Deputy BoJ Governor Himino this morning, JPY bulls appear to be more confident about the resolve of policymakers to hike rates in 2025. That said, currently market implied policy rates suggest only 29 bps of policy tightening is priced in on a 1-year view. We maintain our year end forecast of USD/JPY145.00."
"We favour selling USD/JPY into rallies. A break below the Ichimoku cloud around USD/JPY 153.35 would be a bearish signal."
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