Societe Generale: selling JPY
Strategists at Societe Generale will be closely watching the yen crosses this week as USD/JPY is very likely to break above the key 100.00 resistance. In their view, the current decline of JPY is caused by the widening of the US/Japanese yield spread.
On the back of this idea, they recommend selling the yen versus USD, NZD and CAD. "AUD is failing to join in the general risk rally and isn't helped by a dip in business confidence as measured by NAB survey", they add.
Chart. Daily USD/JPY