Robert Rennie, Strategist at Westpac, has recommended buying the pair on dips to 117.00 or below. Key Quotes “The BoJ’s surprise move on negative deposit rates on selected deposits failed to garner much support for a weaker ¥”. “Kuroda’s statement that the BoJ “will do whatever we can to achieve the price stability target of 2 percent” the same”. “With the ¥ being driven by the ebb and flow of risk sentiment and market positioning, it’s hard to have anything other than a short term view here. However, Kuroda sounded like he really meant it – indeed he sounded quite like Draghi did in his “ready to do whatever it takes … believe me, it will be enough” 2012 speech”. “Kuroda’s declaration that it is possible to further cut the interest rate (citing ECB, SNB, Riksbank), expand JGB purchases and address “quality dimensions” means the market will likely be pricing more action in April”. “So while we maintain a neutral bias for another week, our long-standing bias remains to buy dips. Dips for us are anything at or below 117”. For more information, read our latest forex news.