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    Underlying JPY strengthening momentum likely cap USD/JPY's upper bound - MUFG Sandeep Kanihama

    Lee Hardman, Currency Analyst at MUFG, suggests that the Fed and BoJ are likely to leave monetary policy settings intact next week, even though their meetings will still likely determine USD/JPY direction.Key Quotes“The Fed is not likely to hike interest rates this month in the wake of last week's non-farm payroll report. The BoJ is also unlikely to make any waves after the announcement that the sales (VAT) tax hike has been postponed and so soon before the Upper House elections.USD/JPY has fallen, regardless of the recent risk-on sentiment with both oil prices and the Nikkei stock index. The underlying JPY strengthening momentum will likely cap USD/JPY's upper bound next week. Many Japanese importers and investors may not accelerate JPY selling in mid-June.”


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