This is via the folks at eFX.
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- Goldman Sachs Research maintains a bullish bias on USD/JPY and targets a move towards 155 in 3-months.
- "While the latest Dollar sell-off can probably extend a bit further and the odds of soft landing have increased on the margin, we continue to look for renewed Dollar strength over the coming months as US yields most likely resume their climb," GS notes.
- "As a result, we recently revised up our USD/JPY forecast path to 155, 155, and 140 in 3, 6, and 12m (vs. 150, 135, and 125 previously), reflecting a more persistent US hiking cycle than initially anticipated and our economists' view that the US should be able to avoid a recession next year, which we think should translate to more USD/JPY upside in the near-term and less downside in the medium-term," GS adds.
