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Market Analytics
SocGen, ING, JP Morgan about USD/JPY
Thursday, January 26, 2012 - 11:45
The greenback retreated versus Japanese yen from yesterday’s maximum in the 78.30 yen area to the levels around 77.50 yen after the dovish FOMC statement.
Analysts at Societe Generale believe that support at 77.30 will help to contain the decline of USD/JPY. In their view, the pair will once again turn up from this point returning to 78.30 and then rising to October maximum at 79.55 yen.
Strategists at ING, on the other hand, underline that if USD/JPY moves below 77.30/40 on sustained basis, the bullish momentum will be lost and the pair will slide to the previous range between 76.00 and 78.25 yen.
Specialists at JP Morgan are bearish in the longer term. The bank claims that by the end of the year US dollar will likely fall to 70 yen level if American stocks keep rallying. JP Morgan says that the 5-year US real yields suggest USD/JPY should be around 75 yen.
Chart. Daily USD/JPY
