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- EUR/JPY: Growth trends make EUR/JPY look toppy - Societe Generale
EUR/JPY: Growth trends make EUR/JPY look toppy - Societe Generale
eFXdata reports that Societe Generale Research flags a scope for a topping pattern in EUR/JPY.
"EUR/JPY has been supported as higher US yields drag the yen down against almost everything. It seems pointless to fight this trend, or this correlation, and our main strategy is just to take advantage of the relative cheapness of USD/JPY puts to hedge against an earlier than expected peak in US yields."
"However, EUR/JPY is 5% higher than the las time the Bund/JGB spread was here, and the trend in relative growth expectations makes the yen look very cheap relative to the euro."
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