MUFG trade of the week: Short USD/JPY

MUFG Research added a short USD/JPY position (spot ref: 149:60) to its TOTW portfolio.

The trade has a target at 143.00, and a stop at 152.10.

“We want to maintain some exposure to a further weakening of the US dollar and believe long JPY may be the best way for that right now,” MUFG notes.

MUFG also booked profit on its short USD/SEK position from 10.950 after the trade hit its target at 10.650.

“We have closed our short USD/SEK trade idea after the profit target was hit at 10.650. The pair has since fallen further to a low this week of 10.516,” MUFG adds.