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Forex Flash: USD/JPY looks bearish ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts believe that USD/JPY looks bearish ahead and will move between a range of 91.50-94.50.

They feel that the subtle commitment of G7 partners not to engage in 'currency wars' in the statement of G7 did bring the recent yen depreciation to a halt and the upcoming G20 dialogue may reinforce the risks to the view of continued sharp Yen depreciation. They particularly feel that the voice of emerging countries may well be influential in teh concluding remarks of the G20 dialogue.

The team notes that in the DPJ-led upper house, 'Abenomics' is being compromised, as the DPJ remains reluctant to approve the governor of the BoJ and the stimulus package for FY2012. They feel that the recent yen depreciation may correct somewhat. However, the progress of nomination process of the BoJ governor will temper the degree of yen strength. The lower bound for USD/JPY should be around the 91.50 level during the upcoming BoJ nomination period.

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