USD/JPY door open for further upside? – Westpac

By FXstreet.com | Updated August 18, 2014 AAA

FXStreet (Edinburgh) - Analysts at Westpac Global Strategy Group see pullbacks in the pair as buying opportunities.



Key Quotes



“Japan’s Q2 GDP outcome and disappointing machinery orders data added yet another layer of confidence to our views that pressure on the BoJ will rise through the fall”.



“October remains the key month to watch. Ahead of the BoJ Outlook meeting on October 31, we will have the Tankan at the beginning of the month and BSI Sep 11”.



“These indicators will be key in driving to what extent the BoJ feels it needs to start revising forecasts and thus shifting the drivers for USD/JPY”.



“It still feels like a long way away, but incrementally, the arguments for long USD/JPY are rising”.



“We have shifted our 1 month target for USD/JPY to 104 and would look to be increasingly opportunistic in buying dips”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY: Closed between key levels, sub 119 handle

  2. Forex News

    USD/JPY back on to 119 handle; where next?

  3. Forex News

    USD/JPY: Risks are to the downside - CB

  4. Forex News

    USD remains popular among Japanese retail investors – Nomura

  5. Forex News

    USD/JPY jumps to fresh daily highs after US CPI

Trading Center