- USD/JPY: 145 could now prove a solid cap – ING
Market news
17 July 2023
USD/JPY: 145 could now prove a solid cap – ING
USD/JPY has reversed sharply from 145. Economists at ING analyze the pair’s outlook.
No need for intervention after all
It looks like investor positioning for a possible Bank of Japan policy tweak (28 July) and the softer US inflation data have foregone the need for intervention.
A sustained move lower in USD/JPY will require some follow-up – i.e. either from the BoJ or US data.
145 could now prove a solid cap. We target 130 for year-end.
USD/JPY – 1M 138 3M 135 6M 130 12M 120
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