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Sep 1, 2014
USD/JPY targets 105.00 multi-week – Westpac
FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group seen the pair heading towards the 105.00 levels in the medium term.
Key Quotes
“BoJ “source” stories on wires reveal internal concern over the post-tax hike economy, a theme we have been pushing for some time”.
“Market talk of further monetary stimulus probably won’t gain momentum for some time (Thu BoJ meeting could be bland, at least publicly) but we see no reason to alter our multi-week USD/JPY upward bias, targeting 105. US data flow should be supportive, with consensus not aggressive on Aug payrolls. Spec JPY shorts have increased but are not extreme”.
Key Quotes
“BoJ “source” stories on wires reveal internal concern over the post-tax hike economy, a theme we have been pushing for some time”.
“Market talk of further monetary stimulus probably won’t gain momentum for some time (Thu BoJ meeting could be bland, at least publicly) but we see no reason to alter our multi-week USD/JPY upward bias, targeting 105. US data flow should be supportive, with consensus not aggressive on Aug payrolls. Spec JPY shorts have increased but are not extreme”.