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Buy USD/JPY on dips below 112 with stops below 110 - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Robert Rennie, Research Analyst at Westpac, notes that the end of month run of Japanese data was mixed with IP and CAPEX coming in above expectations, CPI at expectations, and retail sales/ household spending below expectations.

    Key Quotes

    “So we move on and with a quiet week ahead from a domestic data perspective, it will be down to China, crude and US data to drive the US$. Price action in commodities is more upbeat with WTI crude and copper both probing highs in recent sessions. It feels as if we are stuck in a USD/JPY112 to 114 range for now, but topside risks are rising. We maintain a buy USD/JPY bias on dips below 112 with stops below 110.

    Event risk: It’s a bit of a shoulder week for Japanese data with revised GDP, balance of payments data and consumer confidence Tuesday and then the BSI Friday. Markets will closely watch for (daily?) commentary from Kuroda in the House. Kuroda is also due to speak in Tokyo Monday.”
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