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. GBP/USD claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center