Societe Generale Cross Asset Strategy notes that USD/JPY is in a stand-off, caught between a BOJ which, on another day, would have sounded very dovish in contrast to the thoughts elsewhere of policy normalization, and the Treasury market.
“AUD/USD is pausing, possibly till the CPI data next week,” SocGen adds.
SocGen recommends long AUD/JPY and long EUR/JPY over the coming weeks.
Source: Societe Generale Cross Asset Research
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