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”.

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