BNP Paribas expects USD/JPY to come under pressure after Japan's Dec. 16 elections, as the Fed beats the BOJ in the race to weaken the currency. BNP Paribas notes that USD/JPY briefly pushed above 82.80 after Friday's US jobs data but then failed to break above 83.00 and reversed course, suggesting that the pair's momentum is beginning to wane. It expects whippy, headline-driven trade ahead of the election and disappointment thereafter. "We reiterate that past BOJ easing has not been successful at weakening JPY vs. USD on a sustained basis," BNP Paribas adds. USD/JPY is at 82.38.
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