Euro will give the yen a head start

Danske Bank maintains a constructive view on the medium and long term EUR / JPY due to the different vectors of the monetary policy of the ECB and the Bank of Japan. According to the fundamental model of Danske Bank, analyzed the pair is trading below fair value, which is 133 yen per euro. Consequently, its growth potential is not yet exhausted. During the 6 months following EUR / JPY grows to the level of 133.4 within 12 reaches the level of 136.88. The main reason the bank indicates flow of capital out of the rising sun in the securities markets of the euro zone due to the fact that the ECB will take the path of normalization of monetary policy faster than it will make the BoJ. In the short term, the rhetoric of Mario Draghi at a press conference after the July meeting of the Governing Council is not aggressive enough, that will create the preconditions for the correction, followed by consolidation in the range of 127-131.

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