Bank of America is wary of a market positioned very long in US dollars and levels that may be at overshoot.
Analysts at the bank, though, make an exception against the yen, saying that the potential for disruption to oil supply due to war in the Middle East is not yet adequately reflected in JPY. They warn that an oil supply shock from this could be worse than that from the Russian invasion of Ukraine and subsequent war.
Bank of America have a forecast high of 155 for USD/JPY in Q1 of 2024.
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