MUFG Research closed a USD/JPY long that was opened at 140.00 and now recommends selling NOK/CHF in its latest Trade of the the Week.
"We are closing our long USD/JPYtrade idea to reflect our view that the balance of risk and reward has become less favourable in the near-term," MUFG wrote.
Japanese officials have been more-aggressive in jawboning the yen in the past week.
Their new trade is to sell NOK/CHF at 9.4200 with a targe tat 8.9200 and a stop loss at 9.7200.
"We are recommending a new short NOK/CHF trade idea to reflect the building risk of a hard landing for the global economy," MUFG writes.
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