USDJPY Trade Setup – 26.9.25 USD/JPY is hovering just below the marquee 150.00 handle into today’s 13:30 (BST) PCE release. Our base case (core PCE 0.2% m/m, income 0.3%, spending 0.6%) argues for slightly softer front-end U.S. yields, shrinking the rate gap between US and Japan enough to blunt dollar carry without undermining broader risk....
