CITIGROUP strategists say USD/JPY may trade in a 155-160 range in the near term. Recent USD/JPY weakness leaves scope for a short-term rebound, but they warn Japanese monetary policy is becoming increasingly hawkish and expect the dollar to remain broadly firm into the US midterm elections. They add a move toward 160 could prompt fresh yen-buying intervention aimed at pushing the rate back below 155.

2026-10-23

CITIGROUP strategists say USD/JPY may trade in a 155-160 range in the near term. Recent USD/JPY weakness leaves scope for a short-term rebound, but they warn Japanese monetary policy is becoming increasingly hawkish and expect the dollar to remain broadly firm into the US midterm elections. They add a move toward 160 could prompt fresh yen-buying intervention aimed at pushing the rate back below 155.