USD/JPY unlikely to rise further ahead of US non-farm payroll - MUFG

Research Team at MUFG, notes that the USD/JPY has gradually returned to the 102 level now that the shock of the Brexit vote and end-quarter seasonal factors have dissipated somewhat.

Key Quotes

“In particular, exporter USD/JPY selling has paused momentarily. That said, Japanese investors may buy more JPY from mid-July onward as they repatriate their earnings, which may cause topside for USD/JPY to weigh even further. USD/JPY is unlikely to rise further ahead of the US June non-farm payroll figures.”