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USD/JPY: buy the pullbacks to 118.50/119.00 – Westpac

FXStreet (Edinburgh) - Occasional pullbacks to the 118.50/119.00 band should be consider as buying opportunities, according to FX Strategist at Westpac Robert Rennie.

Key Quotes

“We must admit to being surprised by the degree of speculation that the BoJ was set to announce further policy as soon as yesterday’s meeting”.

“Sure the negative print for ex fresh food CPI is not helpful to the BoJ’s target; the recent weakness in IP and exports the same”.

“However, one could just as easily point to the continued pickup in ex fresh food and energy CPI and steady improvement in employment and household income as reason to continue with current policy”.

“That said, we stick with a buy dips on USD/JPY into the 118.50/ 119 region, but look to take profit at 120.50”.

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