USD/JPY: buy the dips towards 112.00 – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Robert Rennie, Strategist at Westpac, has recommended buying spot on dips to the 112.00 area.

    Key Quotes

    “Last week we argued that USD/JPY was a buy on dips to 112 with a stop below 110”.

    “We were surprised by the lack of commentary from MoF/ BoJ officials through last week, though the level of concern certainly rose Friday”.

    “We have started to see some signs that Japanese households/ balance sheets have started to react to NIRP and a strong ¥ (though today’s weekly MOF data is disappointing)”.

    “The combination of modest Japanese demand plus a run of better US$ tells us to stick with our buy view for another week”.
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