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USD/JPY upside limited? – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group doubt of the sustainability of further gains above 104.00 the figure.

Key Quotes

“We opt for a ‘buy’ bias this week. Japan’s recent run of data outside of the PMI suggests economic momentum continues to wane”.

“This week’s data will be important but September will be even more so as markets start to think about the potential for forecast changes at October’s BoJ ‘outlook’ meeting”.

“The economics of long USD/JPY above 104 are not overly compelling, however any dips back to 103.10/ 102.80 will be very well supported”.

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