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”. For more information, read our latest forex news.