Goldman Sachs is waiting for the US NFP to buy yen

Read full post at forexlive.com

This is via eFX.

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• “Over the very near-term we would expect more depreciation pressure on the Yen (upward pressure on USD/JPY) due to the BOJ’s commitment to YCC. Investors should consider short-dated USD/JPY call spreads for this outcome; the possibility of intervention limits the chances of sharp increase in USD/JPY, in our view; the CHF/JPY cross may also have further upside but we are reluctant to chase at current levels,” GS notes.
• 
  ‘Beyond that we will look for opportunities in USD/JPY shorts. Given uncertainty around the near-term Fed outlook, it may be prudent to wait until the next US employment report (July 8) before adding USD/JPY downside expressions,” GS adds.

Wait until July 8??? These guys …