FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 37 institutional desks. No promotion.
USD/JPY has been poking and prodding at levels above 160.00 since last week. And traders are yet to find much conviction to take things to the next level. Intervention risks are very much heightened at this stage, with current levels being where Tokyo last decided to take action
| Firm | Stance | YE 2026 |
|---|
BNP Paribas | Bullish | 148.00 |
UBS | Bearish | 160.00 |
UOB | Bearish | 160.55 |
All 23 desk targets for USD/JPY
Desk synthesis pending
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How we cover this story
USD/JPY trades at 157.07, roughly 3.3% above the 23-firm median Dec-26 target of 152.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ rate path.
USD/JPY trades at 156.89, 3.22% above the 23-firm Dec-26 median of 152.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY trades 3.22% above the 23-firm Dec-26 median of 152.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
23 investment banks see USD/JPY at 153.77 by Dec 2026
View the live USD/JPY forecast