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Forex pairs in this Article » USD/JPY (Barcelona) - In line with our Yen specs analysis from earlier on the session, Westpac notes that crowded specs positioning should cap major gains in USD/JPY.

Key Quotes

"The return to a 100 handle is welcome vindication of our bias for yen weakness but the US story isn’t likely to provide much near term fuel for sharp gains in the pair."

"The BoJ meeting (Thu) should pass without notable impact but Kuroda’s tone should not discourage structural USD/JPY bulls."

"Crowded speculative positioning indicated by IMM data (specs last week holding equal longest USD/JPY since May) should act as a brake on USD/JPY appreciation."
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