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USD/JPY buy dips towards 120.50/121.00 – Westpac

FXStreet (Edinburgh) - Sean Callow, Strategist at Westpac, sees pullbacks to the 120.50/121.00 area as opportunities to buy the pair.

Key Quotes

“One month realized USD/JPY volatility was very close to 2015 lows until Wed’s sudden spot slide”.

“Our best hope for a tradeable move on the FOMC could be to see if there is a knee-jerk wave of “sell the fact” USD/JPY selling on confirmation of a Fed hike but a fairly vague 2016 outlook”.

“Any dip to 120.50/121.00 or so would be appealing, although the sogginess of US 10 year treasury yields should continue to limit USD upside short term”.

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