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PIG TODAY-USD/JPY: Supported From Fed & Trump; Staying Bullish Targeting 115.50 - BTMU

USD/JPY – BULLISH BIAS – (112.50-115.50)

Market expectations for a March Fed rate hike have been building after NY Fed President Dudley’s speech on Tuesday and Governor Brainard’s speech on Wednesday, while President Trump’s address to Congress this week was a big boost for US stocks. Both factors are likely to push USD/JPY higher.

The dollar will likely rally further ahead of the jobs report on 10th March. But the details of Trump’s policy proposals, especially tax reform and fiscal spending, still lack hard details, so dollar strengthening pressure may build only slowly. Yen buying by Japanese investors and companies could weigh on the USD/JPY at the upper bound of our weekly range, not so heavily perhaps but enough to cover real demand close to the end of FY16.

Source: exfnews.com

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