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7 Mar 2013
Forex Flash: USD/JPY is entering consolidation phase - Nomura
Nomura strategists note that USD/JPY is entering an consolidation phase and as such they have changed their forecast.
Since the turn of the year they note that they have received important new information about the direction of economic policy in Japan, including the “new BoJ”. They writes, “We are now recalibrating the forecast path to take this fully into account: Our new end-June target is 95 (old target: 90) and end-Dec target is 93 (old target: 90). We see only moderate upside from here in the near term. Overall, we judge that USD/JPY is now entering a consolidation phase between 90 and 95.”
Since the turn of the year they note that they have received important new information about the direction of economic policy in Japan, including the “new BoJ”. They writes, “We are now recalibrating the forecast path to take this fully into account: Our new end-June target is 95 (old target: 90) and end-Dec target is 93 (old target: 90). We see only moderate upside from here in the near term. Overall, we judge that USD/JPY is now entering a consolidation phase between 90 and 95.”