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USD/JPY: first time below 110.00 since Oct 2014 - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at Westpac explained that the USD/JPY remained heavy amid equity weakness, the yen showing its safe haven status once again.

    Key Quotes:

    "The pair slipped from 110.50 to a low of 109.95 after Japan PM Abe was quoted in the Wall Street Journal saying “we must definitely avoid competitive devaluation, and I think we should refrain from arbitrary intervention in currency markets.”

    This was the first time USD/JPY traded below 110 since Oct 2014 when the BoJ surprised markets with extra easing measures."
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