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USD/JPY forecast: Yen grinds lower into intervention territory
The USD/JPY is nearing intervention territory as it climbs above 157.00. Are we going to see a re-test of 160.00? The US dollar has been strengthening again, following a surprise rise in US consumer confidence for May, strengthening bond yields, and ongoing Fed hawkishness. Our short-term USD/JPY forecast remains bullish amid the BoJ’s current policy stance, the USD/JPY strong bullish trend and the US dollar’s overall robustness. This renewed dollar strength has been driven in part by a surprise rise in US consumer confidence for May and the resulting increase in US bond yields, which found additional support ... (full story)