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USD/JPY struggles to surpass 110.00 – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group regard a breakout of the 110.00 mark as unlikely given the recent failure to sustain gains above it.

Key Quotes

“BoJ governor Kuroda continues to give the green light to yen weakness, seeing it as justified by relative fundamentals”.

“However, enough current and former officials (most notably PM Abe) have expressed unease over the speed and scale of yen decline in recent days that we believe the debate over further yen weakness has shifted strongly within Japan”.

“Combined with a spec market heavily long USD/JPY and the failure of the pair to sustain its US payrolls-driven rally, the official attitude to the yen should ensure USD/JPY struggles to break 110 convincingly and indeed may have to spend more time with the 108 handle or a little lower”.

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