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MUFG expects the yen to stay in a range until FOMC meeting next week

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MUFG remains neutral towards the USD / JPY until the Fed meeting and the interest rate decision pass. From the Mitsubishi UFJ Financial Group, the currency pair is expected to continue to move in a narrow range over the next week to Wednesday, when the FOMC and the interest rate are decided. There is speculative news that tensions between the US and China may escalate again, positively affecting the yen. The risk is not only on the trade front but also in Europe. The election of the next Conservative Leader and Prime Minister is still questionable and the risk of hard Brexit is present. The worsening of the political environment will affect the stock in Europe and the United States, which will lead to a yen demand. The meeting of the Bank of Japan is also expected at the end of the month.

At this point, the yen remained in a lateral movement between 106,783 and 108,932, with the area at 108,111 remaining closely monitored for a possible breakthrough.


 Trader Martin Nikolov

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