USD/JPY forecast 9 April 2015

FX:USDJPY   U.S. Dollar / Japanese Yen
Buy USD/JPY            

USD/JPY             has declined modestly in response and BNPP thinks that a big correction is unlikely for the following reasons: "We expect underlying Japan investor outflows to limit downside in USDJPY             and for higher US front-end yields to guide the pair higher. In addition, our FX Positioning Analysis indicates that net short JPY positioning remains at very light levels – this both limits scope for a deep retrenchment in USDJPY             and provides room for new positions if the market regains confidence in the USD uptrend and/or expect the BoJ to deliver further easing. In addition, the financing side of the BoP data showed more evidence of increased Japanese investor demand for overseas securities," BNPP adds.
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