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Goldman Sachs likes short USD/JPY exposure via options over a 6-month timeframe:

  • "We see a variety of paths to a Yen recovery-US economic weakness and/or upward pressure on rates in Japan and limited scope for further sustained depreciation. We recommend buying a 6m 115 USD/JPY digital put, at a price of about 9%, to position for a further step-down in US growth momentum over the coming months," GS adds.
  • "We see meaningful downside risks to our 12m USD/JPY forecast of 123, but maintain this projection for now in light of our colleagues relatively upbeat modal forecasts for US equities, US rates, and global commodity prices," GS adds.
usdyen Goldman Sachs 25 May 2022