Major pairs, crosses and CFD market structure — levels, positioning and the macro behind the move.
AUD/JPY forecast: the BoJ hiked to 1.25% yet the cross rose 1.5%, and the RBA carry gap is still wider than in January. Bull case 118.00, bear case 104.00.
EUR/JPY forecast to 31 Dec 2026: the ECB and BoJ hiked eight days apart, the 125bp gap held and Tokyo has spent ¥27tn on yen. Base 177.50, bull 188, bear 172.
EUR/CHF settled at 0.9462 on 18 September with the ECB at 2.50% and the SNB at zero. Our base case is 0.9550, bull 0.9750 and bear 0.9150 by 30 June 2027.
