Bloomberg conduct survey's of FX forecasts, and it ranks the most accurate analysts.
For yen projections, the top spot for Q1 was held by Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
Bloomberg report on his outlook, which is a risk of USD/JPY hitting 165:
- “Intervention is only going to be effective by itself if we see it coordinated particularly with the US,”
- further declines are likely especially if the weakness is gradual, “it’s more the speed of the move that is of concern rather than any particular level” that is likely to trigger intervention
- investors are likely to push dollar-yen higher this year
- to 165 or so, but getting through 160 could take a while
USD/JPY chart since around this time yesterday when the BOJ intervened for the second time this week.
