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AUD/JPY still bouncy - Westpac

FXStreet (Barcelona) - Sean Callow of Westpac goes long on AUD/JPY and sees scope for 103, mainly because of the JPY story.

Key Quotes

“This may not be an overly bullish AUD outlook but overall we see cause for the Aussie to at least break even versus USD, rise against EUR and GBP and find buyers on (further) dips versus NZD. Our preferred stance though remains long AUD/JPY.”

“The latest source of yen weakness is talk of a lengthy postponement of the sales tax rise set for Oct 2015. On 31 Oct we called for sizeable gains in AUD/JPY from the then spot rate of 98. We are sticking with this view, seeing scope for 103. It is mostly a JPY story, but the AUD leg should provide at least some help along the way.”

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