This is via the folks at eFX.
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Goldman Sachs Research sees the balance of risks favoring a weaker JPY over the coming weeks.
- "The US nonfarm payrolls report drove US yields higher and equities lower, a negative mix for the Yen particularly in an environment where Japanese yields are fixed. Indeed, JPY underperformed most other major currencies on the day, pushing up USD/JPY towards our 3-month forecast of 132," GS notes.
- "The combination of our baseline views for 2023 of no recession, higher US yields, and the continuation of YCC in slightly different form argues for a period of renewed Yen weakness, despite the balance of risks looking more favorable for the currency given greater BoJ flexibility," GS adds.
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USD/JPY chart is mine, the line on it is mine, and I am sure ForexLive traders can do better than me, in the comments please folks!
