MUFG trade of the week: stay long USD/JPY

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MUFG trade of the week: stay long USD/JPY
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MUFG Research expects USD/JPY to continue higher in what has been FX’s best trending trade in years.

They continue to like an earlier recommendation to buy USD/JPY at 140.00 with a target of 146.00 (last week’s high was 144.99) and a stop at 136.50.

“We maintain a long trade idea on USD/JPY, although we recognize that the balance of risk has become less favorable in recent days,” they wrote.

“We are not yet convinced that Japanese policymakers will back their words with action, so we maintain our USD/JPY trade idea, but recognize that the balance of risk is no longer as favourable,” MUFG added.

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