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Forex Flash: USD/JPY strategy profile – Westpac

FXstreet.com (Barcelona) - With the end of the month approaching, we start to think towards the usual splurge of Japanese data. “Investors get CPI and the PMI next Friday, however that is likely to be of secondary focus for markets given we also have the BoJ semi-annual outlook meeting/ publication of outlook report on Friday too. Keep an eye on the weekly MoF buying foreign bond data Thursday.” notes Global FX Strategist at Westpac.

Indeed, Kuroda is clearly implying that little more will be done near-term given the huge pipeline of monetary policy that is about to hit - “We aren’t planning to take additional measures one after another”. However, that will not stop markets from speculating. We see USD/JPY at an equilibrium between 95 and 100. Given current spot level (98.00) we have to be neutral.” Callow adds.

Forex: EUR/JPY pressured below 128.00

The EUR/JPY fell below the 128.00 as the US manufacturing survey by Philly Fed was released along with IMF Lagarde’s remarks that the ECB clearly has room to ease more. Also, a rumor that a French bank may be in trouble is leaving investors apprehensive. The cross dropped to 127.58 session low, but is now quoting around 127.75.
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