Strategist at Westpac Robert Rennie has reiterated its recommendation of buying the pair on dips towards 112.00. Key Quotes “While we are sounding like a broken record here, we stick with the same bias for another week”. “Sure, price action is not compelling and USD/JPY has not spent much time above 114 in the last couple of weeks”. “However, it continues to look fundamentally mispriced here and it is just a matter of time before we break 114/116. Thus we carry on buying dips below 112, but with stops below 110”. For more information, read our latest forex news.