FXStreet (Edinburgh) - The near term perspective for the USD/JPY remains constructive, suggested Robert Rennie, Strategist at Westpac. Key Quotes “Yet another week goes by with yet another false break below the 118.50 level followed by a reasonable recovery”. “However, each subsequent bounce has fallen short of the previous, emphasising that the market wants to hold long USD/JPY but keeps on being stopped out by the lack of US$ support”. “The stakes should rise into the FOMC outcome and the BoJ semi-annual outlook”. “We expect no change in policy from both suggesting the short term downside risks for USD/ JPY are shifting”. “Having stuck with a buy view on USD/JPY for many weeks now, risk reward suggests we should step back to a neutral stance for the week ahead”. For more information, read our latest forex news.