USD/JPY seen higher – Danske Bank

Pernille Henneberg, Chief Analyst at Danske Bank, sees some upside potential in spot.

Key Quotes

“The batch of decent US data out yesterday provided some support to USD and while we see this as another signal the US economy is recovering, we stress that we prefer to position for USD strength near term vis-a-vis JPY rather than EUR as present as we deem the underlying forces for higher levels in EUR/USD are not to be played around with at present”.

“Notably, yesterday we sent a recommendation to buy USD/JPY”.