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Credit Agricole: USD/JPY targets 112.60

Analysts at Credit Agricole claim that USD/JPY may rise to the highest level since January 2008.

According to the bank, Japanese yen will be weakened by comments from Bank of Japan Governor Haruhiko Kuroda. Tomorrow the central bank will announce results of its policy meeting and hold a press conference. On Oct. 3 Kuroda reiterated that he doesn’t think a weak yen is a minus for the Japanese economy overall.

Credit Agricole says that if Kuroda again states that a weaker yen has few disadvantages, it would be a catalyst for more yen selling. The specialists expect USD/JPY to reach 111.50 this week (50% retracement from the yen’s Aug. 1998 low of 147.66 to its post-World War II high of 75.35 in Oct. 2011). In the longer term Credit Agricole expects yen to weaken to 112.63 per dollar (76.4% retracement of the 2007 low and the 2011 high).

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