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USD/JPY looks to consolidate – Westpac

FXStreet (Edinburgh) - Spot would be pointing to further consolidation around 102.50-103.00, suggested analysts at Westpac Global Strategy Group.

Key Quotes

“USD/JPY highs since early April raised hopes of a sustained break”.

“As Fed QE winds down, the contrast with the BoJ’s ongoing rapid QE argues firmly for USD/JPY gains”.

“Yet US 10yr treasury yields are still a long way from Mar-Apr’s 2.80% area, let alone the 3.00% that started the year”.

“The slightly disappointing US payrolls report plus lingering long USD positions should slow the pace of gains, with the low key US data calendar this week suggesting consolidation around 102.50-103 rather than a fresh upswing”.

“Best to wait for dips to buy back in”.

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