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USD/JPY buy on dips towards 105.50/106.50 – Westpac

FXStreet (Edinburgh) - Deeper pullbacks in spot will be buying opportunities, recommended Robert Rennie, FX Strategist at Westpac.

Key Quotes

“Last week we noted a string of Japanese officials calling for caution on the ¥”.

“To that we have to add PM Abe’s very public comments in the Diet”.

“So it remains pretty clear that USD/JPY now has a pretty hard cap at 109.50/110 and that risks are we continue to push lower”.

“Given the improved risk, USD/JPY remains a buy on dips. But dips for us are way down in the 105.50/106.50 range”.

“So we maintain a neutral stance for another week – collapsing US yields and a lazy long USD/JPY market position suggest waiting for better levels to buy in coming sessions”.

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