HSBC argue for further yen recovery vs the USD citing

• heightened U.S. policy uncertainty
• resumption of pessimism toward the U.S. economy
• renewed expectations of Fed easing soon

HSBC are tracking trade developments, noting market sensitivity “to headlines about U.S.-Japan trade talks, especially regarding FX discussions”

HSBC’s modelling indicates 141-149 range for USD/JPY, though analysts do recognise risks for both overshooting and undershooting.

I stuck in lines around 141 and 149, just using eyeballing … it looks like we don’t have to worry about over and undershooting those levels for a while to come yet.

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