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19 Mar 2015
USD/JPY buy the dips towards 118.50/119.50 – Westpac
FXStreet (Edinburgh) - Strategist Robert Rennie at Westpac noted the neutral tone in the pair, although recommended buying the pullbacks to 118.50/119.50.
Key Quotes
“Given the BoJ downgrade, CPI will be a key focus next week”.
“With the spread between national-ex and Tokyo-ex collapsing to zero, and oil prices bouncing in Feb, it’s hard to see where the downside will come from for CPI”.
“So key again will be the US$. We thus maintain a neutral stance for USD/JPY for another week, with the buy region 118.50 to 119.50”.
Key Quotes
“Given the BoJ downgrade, CPI will be a key focus next week”.
“With the spread between national-ex and Tokyo-ex collapsing to zero, and oil prices bouncing in Feb, it’s hard to see where the downside will come from for CPI”.
“So key again will be the US$. We thus maintain a neutral stance for USD/JPY for another week, with the buy region 118.50 to 119.50”.