USD/JPY: go long on dips to 112.00 – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Occasional dips towards the 112.00 area in USD/JPY are considered as buying opportunities, according to strategists at Westpac.

    Key Quotes

    USD/JPY has not been able to break back above 114.50 even though risk appetite has recovered strongly, despite several attempts”.

    “This suggests a reasonable degree of caution on the part of traders as to whether this is a real recovery in global markets, or a bounce to sell”.

    “Our sense is that the ECB will deliver this week, the FOMC will make its intentions clearer next week and the BoJ could be closer to more QE than markets thinks, though April is base case, the next ‘outlook meeting’. We maintain a buy USD/JPY bias on dips below 112 with stops below 110”.
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