FXStreet (Bali) - Societe Generale is supporting the idea of a long USD/JPY play following the upbeat NFP in the US.

Key Quotes

"The US June employment report was stronger than expected, but it won’t trigger a sustained dollar rally in the absence of faster wage growth. This is particularly so when the Fed is working hard to emphasise the low terminal level of the Fed Funds rate."

"Patience is still required for a durable trend lower in EUR/USD, but long USD/JPY appeals here. Meanwhile, the Riksbank acts decisively against Swedish deflation risks. Given the zero lower bound on rates, the Swedish krona needs to weaken a lot further."

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