MUFG Research maintains a short USD/JPY exposure (spot ref: 134:70) in its TOTW portfolio with a target at 129.00, and a stop at 138.50.
“We are maintaining a short USD/JPY trade idea. While there are risks of further increases in US short-term yields, we doubt USD/JPY will gain to the same extent of traction and see risks of the move higher petering out,” MUFG notes.
MUFG also added a fresh short USD/CAD position (spot ref: 1.3375), with a target at 1.2950, and a stop at 1.3650.
“We’re adding a short USD/CAD trade idea based on recent developments we view as CAD supportive,” MUFG notes.
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