USD/JPY has been moving in a narrow range around 144/145. Nonetheless, economists at Commerzbank expect the pair to resume its race higher.

Recent stability of USD/JPY is less favourable than it seems

“The recent stability of the USD/JPY exchange rate is less favourable than it seems though, as the US currency has weakened against most currencies of industrialised nations since last week, which is not reflected in the exchange rate against the yen though as it has depreciated almost to the same extent.”

“As soon as the dollar is able to appreciate again – which we expect – upside pressure on USD/JPY is also likely to rise again.”