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Buy the pullbacks in USD/JPY – Westpac

FXStreet (Edinburgh) - According to Strategist Robert Rennie at Westpac, dips in the pair could be buying opportunities.

Key Quotes

“We maintain our buy dips bias for USD/JPY for yet another week. This view remains very much driven by the Fed”.

“Despite Japan being back in a technical recession and the return to deflation, the BoJ seems in no mood to increase its asset purchase program”.

“Part of this reflects the fact that there is little more the BoJ can do right now; part of it reflects the fact that Abe has much more to do; part of it refl cts the fact that any BoJ QE could get easily drowned out by other CB action in December”.

“Jan 29 is the first opportunity for me. Stick with a buy on dips bias but dips start at 122.50”.

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