USD/JPY: a buy in the short-term – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Strategist at Westpac Robert Rennie noted the bullish outlook on the pair for the upcoming sessions.

    Key Quotes

    “We have run with a lazy neutral bias for the last couple of weeks, waiting for better levels to buy USD/JPY sub 117”.

    “Those levels have come and gone, yet USD/ JPY has continued falling”.

    “We are surprised by the limited commentary from the BoJ/ MoF in recent sessions, but with our JPY NEER model at highs back to Q3 2014, the level of frustration will have to be rising”.

    “We expect the BoJ/ MoF to react verbally to rapid ¥ appreciation, thus we shift our bias back to a buy for the week ahead. Clearly, we would need to run a tight stop on this – stop at or below 110”.
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