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- We close long USD vs JPY…
- …because we think that the upside is limited from here
Close long USD versus JPY
A few weeks ago we changed our US dollar view. We think that the uptrend is over. Despite this change we decided to keep our long USD versus JPY in place as we expected a recovery in USD/JPY to levels above 115. This has materialised. Since the end of February USD/JPY has rallied to above 115.00 mainly because of a modest rise in US real yields. We think that the upside in USD/JPY is limited going forward. Therefore, we have closed our long USD versus JPY. The total return on this recommendation is 0.15%.