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Goldman Sachs Says Go Short USD/JPY To 79
Goldman recommends going short the dollar vs the yen at Y82.80, with a target of Y79 and a stop on a close above Y84.50. The bank has warned about the risk that the sharp gains this year in the dollar over the yen "reverse at least partially." Following Japan's surprise February trade surplus, yen shorts may be unwound, driving the dollar down against the Japanese currency, Goldman notes. The bank also expects the Fed to follow through with QE3, and interest rate differentials suggest that dollar/yen "appears to have substantially overshot." On the opposite side from Goldman stands BNP Paribas as the bank sees ... (full story)
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