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Forex: Seasonals in favour of JPY - TDS

With USD/JPY enjoying a 13 week winning streak, longest period since year 2005 when it rose for 12 weeks, but not as fast, “an unusually long spell of correction-free gains,” say Toronto based FX Team at TD Securities, last at 93.63, “Seasonal pressures trend against the USD and favour the JPY from February through mid- year and we think the JPY has already reflected a lot of policy changes that the BoJ is able or willing to make for the moment,” the analysts add.

RSI 14 in the USD/JPY weekly chart has got a level never seen before above 88.

Forex Flash: What if USD/JPY rally only a 25% discount of Japan's policy succeeding? - HSBC

As HSBC notes, the OECD measures of purchasing power parity place “fair value” for USD-JPY of 105, thus "under a hyper-successful reflation strategy, one would expect the JPY to be considerably undervalued not overvalued, say a level like 120 on USD-JPY" HSBC strategists note.
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