Forex (SPOT)

USDJPY: Long-Short Term Analysis & 2024 Outlook

The Japanese currency has advanced more than 6% against the dollar from its November low, but if history is any guide, positioning indicates that the run is near its end, according to Brad Bechtel, the global head of foreign exchange at Jefferies. That’s because when institutional investors turned bullish on the yen over the past year, it soon went into retreat.

Market views on the currency are diverging just as doubts are mounting whether the Bank of Japan will abandon its negative-rate policy, with the Federal Reserve seen starting to cut the policy rate in the first quarter. The yen weakened on Wednesday after a summary of opinions from the BOJ’s December meeting suggested the authority is in no hurry to reduce stimulus.

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