Back
23 Jun 2015
Positive outlook for USD/JPY in the near term – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the outlook for the pair in the near term remains bullish.
Key Quotes
“We maintain a buy bias for USD/JPY for the next week”.
“Thankfully Kuroda cleared up confusion around nominal and real effective ¥ levels, allowing USD/JPY to bounce back above 123”.
“However, Yellen clearly did not give the FX market the fuel required to launch it into a yet higher orbit”.
“Soft Q2 Japan data/ the threat of a negative core CPI print Friday should continue to support USD/JPY on dips, but we would be pragmatic on this”.
“A break below June lows at 122.46 would not sit well with us. So we would hold our long USD/JPY position with a close stop”.
“Medium term uptrend has been placed on hold by a weekly reversal signal, typical of previous interim tops. 121.85/05 must hold to maintain the uptrend”.
Key Quotes
“We maintain a buy bias for USD/JPY for the next week”.
“Thankfully Kuroda cleared up confusion around nominal and real effective ¥ levels, allowing USD/JPY to bounce back above 123”.
“However, Yellen clearly did not give the FX market the fuel required to launch it into a yet higher orbit”.
“Soft Q2 Japan data/ the threat of a negative core CPI print Friday should continue to support USD/JPY on dips, but we would be pragmatic on this”.
“A break below June lows at 122.46 would not sit well with us. So we would hold our long USD/JPY position with a close stop”.
“Medium term uptrend has been placed on hold by a weekly reversal signal, typical of previous interim tops. 121.85/05 must hold to maintain the uptrend”.