USDJPY daily
Citi discusses USD/JPY outlook amid the BoJ Governor nomination and maintains a strategic bearish bias over the coming months, but sees a scope for further upside in the near-term.
"JPY is down, with YCC capitulation views continuing. We remind that Kazuo Ueda’s emergence will likely be little different from Amamiya," Citi notes. "However, a slower dismantling of YCC could mean some upside for USDJPY, though with BoJ's proven ability to shock, markets will still lean into hawkish trades into the April meeting, allowing downward pressure to return," Citi adds.
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