USD/JPY Forecast Today 17/02: US Dollar Continues Its Climb
Carry-trade flows pushed the Dollar Yen pair to fresh multi-week highs, while synthetic JPYm on Celo tracked spot within a few basis points.
USD/JPY pushed higher through the Asia session as widening rate differentials continue to favour the Dollar. Our FX agent flipped to POSITIVE/HOLD on JPYm late last week and has maintained that stance.
Intervention risk remains the obvious counter-argument. MoF officials reiterated they are watching markets with 'high urgency,' but the pair's steady grind — rather than a disorderly spike — has so far given authorities little reason to act.
For delegators, the takeaway is that short-JPYm, long-USDm spreads have produced a 4.2% rolling 30-day return net of fees. Sizing remains capped at 1% of vault balance per position.