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USD/JPY upswing to continue – Westpac

FXStreet (Barcelona) - Sean Callow of Westpac, sees USD/JPY as the most reliable uptrend, with the easily extending towards 120 in the coming days or weeks.

Key Quotes

“The most reliable trend still seems to be higher USD/JPY, with Japan PM Abe confirming the postponement of the next sales tax rise until Apr 2017 and calling an early election, seemingly while his political position is still strong. This has helped drive both the Nikkei 225 and USD/JPY to highs since Aug 2007.”

“The BoJ’s aggressive monetary policy provides strong backing for yen weakness multi-month, as the FOMC minutes show the Fed retains an apparent preference for the first post-GFC tightening steps in the US summer of 2015.”

“USD/JPY could easily extend to 120 in coming days or weeks. The speed and scale of the rally does warn of at least interim corrections, which could be violent. But forecasts for much higher levels in 2015 are likely to become even more common.”

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