Intervention risks weigh on momentum as USD/JPY approaches the highest level since 1986
FUNDAMENTAL OVERVIEW USD: The US dollar continues to be supported following the hawkish Fed dot plot last week as the central bank’s tightening bias led to a hawkish repricing in interest rate expectations. As a reminder, the Fed delivered a hawkish surprise by projecting a rate
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bearish | 160.20 |
ING | Bullish | 152.00 |
Rabobank | Bullish | 145.00 |
All 23 desk targets for USD/JPY
Desk synthesis pending
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USD/JPY Consensus Check: Spot at 158.89, Median Target 156.0 — Week of August 24, 2026
USD/JPY trades at 158.89, roughly 1.86% above the 23-firm median Dec-26 target of 156.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: Spot at 158.98, Week of August 22, 2026
USD/JPY trades at 158.98, roughly 1.91% above the 23-firm Dec-26 median of 156.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY at 158.89: Consensus Targets 152, Dispersion Spans 25.5 Figures
Spot USD/JPY trades 4.53% above the 23-firm Dec-26 consensus of 152.0, with a 25.5-figure range separating the most and least bearish desks.