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USD/JPY upside capped beyond 110.00 – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group sees further upside beyond 110.00 the figure as unlikely.

Key Quotes

“Japan’s data calendar is crowded (Tankan, IP, jobs/applicants etc.), yet it is hard to see it being pivotal for the yen”.

“We have been treated to a string of Japanese comments on the yen in the last week. It feels to us that concern is rising that the costs of further ¥ depreciation could outweigh the benefits”.

USD/JPY looks capped north of 110. We therefore shift our bias back to neutral for the week ahead”.

USD/JPY came back home below 110

USD/JPY retreated from new 6-year high at 110.08 posted in Asia; currently, it is trading at 109.85.
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