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USD/JPY outlook remains constructive – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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”.
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