USD/JPY rises back into the highest levels since 1986 amid lack of bearish drivers
FUNDAMENTAL OVERVIEW USD: The US dollar came under some pressure in the final part of last week following the US NFP report. The data wasn’t bad, but it was enough to trigger a slightly dovish repricing in interest rate expectations. The chances for a July hike are now standing a
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
Goldman Sachs | Bearish | 165.00 |
MUFG | Bullish | 152.00 |
J.P. Morgan | Bullish | 142.00 |
All 23 desk targets for USD/JPY
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Cross-firm research
USD/JPY Consensus Check: Spot at 155.88, Median Target 152.0 — Week of September 7, 2026
USD/JPY trades 2.55% above the 23-firm median Dec-26 target of 152.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: Spot at 156.25, Dec-26 Target 152.0 — Week of September 6, 2026
USD/JPY trades at 156.25, roughly 2.80% above the 23-firm median Dec-26 target of 152.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: 156.25 Spot vs 152.0 Target, Week of September 5, 2026
USD/JPY trades 2.80% above the 23-firm Dec-26 consensus of 152.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread trajectory.