FXStreet (Edinburgh) - Retracements towards the mid-119.00s could be good opportunities to buy USD/JPY, recommended Robert Rennie, Strategist at Westpac. Key Quotes “We shifted back to a neutral bias last week on the basis the Fed would not advance the rate debate this week and that the BoJ would not increase its asset purchase program”. “Clearly the strong hint that the Fed will consider “rais(ing) the target range at the next meeting” has lifted the US$ and will continue to do so”. “However, the BoJ will likely take heart from this. We still think they do nothing. However, with disappointment on no change from the BoJ likely limited, we shift back to a buy dips, with dips being back to 119.50”. For more information, read our latest forex news.