MUFG trade of the week: Stay short USD/JPY, sell USD/CAD

MUFG Analysis maintains a brief USD/JPY publicity (spot ref: 134:70) in its TOTW portfolio with a goal at 129.00, and a cease at 138.50.

“We’re sustaining a brief USD/JPY commerce concept. Whereas there are dangers of additional will increase in US short-term yields, we doubt USD/JPY will acquire to the identical extent of traction and see dangers of the transfer greater really fizzling out,” MUFG notes.

MUFG additionally added a recent brief USD/CAD place (spot ref: 1.3375), with a goal at 1.2950, and a cease at 1.3650.

“We’re including a brief USD/CAD commerce concept primarily based on latest developments we view as CAD supportive,” MUFG notes.

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