USD/JPY faces up against risk of another round of FX intervention - Credit Agricole
EUR/USD — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bearish | 1.1140 |
TMGM | Neutral | 1.1450 |
MUFG | Neutral | 1.1200 |
All 29 desk targets for EUR/USD
From the original
Credit Agricole notes that with USD/JPY holding above the 159.00 level, the currency pair is keeping in a region that might incur the wrath of Japan's ministry of finance once again. That fits more or less with how markets are feeling too, as price action has been a little more c
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Intervention fears to continue to help keep a lid on USD/JPY upside - Credit Agricole
The desk anticipates continued intervention risks from Tokyo officials will likely limit the upside potential for USD/JPY around the 162 level. Per the full note from Credit Agricole, the Ministry of Finance (MOF) possesses sufficient foreign exchange reserves, allowing for over 15 interventions akin to those in April and May. Given Japan’s economic strategy, which benefits from a weaker yen to enhance exports and corporate profits, the likelihood of USD/JPY moving above 164 appears contained for the foreseeable future. This sentiment is echoed in forecasts by Goldman Sachs, which suggest that ongoing upward pressure on USD/JPY may persist, albeit restrained by potential interventions.
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