Home Forex USD/JPY could fall as low as 125-130 in 2023 – ING

USD/JPY could fall as low as 125-130 in 2023 – ING

by SuperiorInvest

USD/JPY it is now down nearly 10% from its high near 152 in late October. The pair could fall as low as 125-130 next year, ING analysts say.

Only in 2023 is it set to peak performance

“If the US dollar is to move lower in 2023, USD/JPY would be the best instrument to express an opinion. This is based on the idea that the positive correlation between bonds and stocks can break down – bonds rally, stocks remain soft – and that the 10-year US Treasury yield ends in 2023 at around 2.75%. USD/JPY could trade at 125-130 under this scenario.

“We now suspect that any dollar rally between now and the end of the year will stop at 142/145.”

“Furthermore, USD/JPY faces an ultra-dovish Bank of Japan governor change next April – a big risk for both local and global asset markets.”

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