USD/JPY looks to consolidate – Westpac

By FXstreet.com | August 06, 2014 AAA

FXStreet (Edinburgh) - Spot would be pointing to further consolidation around 102.50-103.00, suggested analysts at Westpac Global Strategy Group.



Key Quotes



“USD/JPY highs since early April raised hopes of a sustained break”.



“As Fed QE winds down, the contrast with the BoJ’s ongoing rapid QE argues firmly for USD/JPY gains”.



“Yet US 10yr treasury yields are still a long way from Mar-Apr’s 2.80% area, let alone the 3.00% that started the year”.



“The slightly disappointing US payrolls report plus lingering long USD positions should slow the pace of gains, with the low key US data calendar this week suggesting consolidation around 102.50-103 rather than a fresh upswing”.



“Best to wait for dips to buy back in”.



comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing
    Forex News

    USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing

  3. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  4. USD/JPY anchored on 108 handle
    Forex News

    USD/JPY anchored on 108 handle

  5. USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting
    Forex News

    USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting

Trading Center