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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.