In view of strategists at Westpac, pullbacks towards the 112.00 handle are considered as buying opportunities. Key Quotes “Last week’s soft PMI data confirms the industrial sector is doing it tough (new orders at lows back to Jan 13). This should feed into this week's IP and Tankan data, adding another layer of support for more action from the BoJ in April”. “We have argued USD/JPY is a buy on dips sub-112 even though the price action has been woeful”. “That poor price action did indeed drive USD/JPY sub-111 mid-March, however, the pair has again rebounded back above 113. That emboldens us to stick with the view, buy dips to and through 112 with a stop below 110. However, inability to break above 114 on numerous attempts suggests upside targets should be modest too”. For more information, read our latest forex news.