Goldman Sachs: Cautious on tactical USD/JPY shorts near-term ...Middle East

Goldman Sachs expresses caution on holding tactical long positions in the Japanese yen (ie short USD/JPY) in the near term, despite its attractiveness as a hedge against a slowing US economy and potential recession risks.Key Points:Economic Context:US Economy: Slowing economic conditions and increased recession risks make the Yen a favorable hedge.Macro Forecasts: More balanced macro forecasts suggest the USD/JPY cross may trend higher, limiting significant upside for the Yen.Factors Influencing JPY Outlook:Interest Rates and Risk Sentiment: If rates remain stable and risk sentiment remains supportive, recent Yen strength could unwind.US Activity Data: Continued softening in US economic data

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