ING FX Strategy Research argues that absent any new White House revelations, downside risks to USD/JPY should prove quite limited in the near-term.
“Japanese data this week sees Machine tool orders and April CPI on Thurs. CPI is expected to pick up to 0.4% YoY, but we do not see a serious debate emerging about BoJ policy normalisation until October at the earliest,” ING notes.
As such, ING thinks that USD/JPY could likely secure trading range for the remainder of the week.
Beyond that, ING is bullish on USD/JPY targeting the pair at 115 in 1-month.
USD/JPY is trading circa 111.90 as of writing.
Source: ING Global Markets Research
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