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USD/JPY: staying firm on 120 and buying on dips - DB

FXStreet (Guatemala) - Taisuke Tanaka, strategist at Deutsche Bank explained that not a few market participants are anticipating another BoJ easing at its Monetary Policy Meeting on 30 October (rather than this week's meeting).

Key Quotes:

"If the BoJ decides no action as we predict (see Monetary Policy Watch, 1 October), it will also discourage USD/JPY bulls further.

Still, the USD/JPY has been surprisingly firm at around ¥120 due to buying on weakness by Japanese investors despite the various risk-off developments recently. We see large scope for foreign speculators to rebuild JPY short positions.

We see that the Fed will seek an early opportunity for a rate hike based on the US economic steadiness. This alone should buoy the USD/JPY even if the BoJ simply maintains its QQE."

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