14 Jul 2015
Buy the dips in USD/JPY – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, pullbacks in spot should be viewed as buying opportunities.
Key Quotes
“While Greece looks to be at serious risk of blowing up again (and we have to admit to being amazed that "time-out" made it into the final draft statement) our stance on USD/JPY shifts back to a buy bias”.
“Global market sentiment has not been hit as much as it could have been in our view, and it does look as if rates markets want to start to position for the coming Fed hike(s)”.
“Dips in USD/JPY should be limited to 122.00/ 121.50 and we are happy to buy dips to that point”.
“Immediate positive response this week to last week’s bullish close implies a likely return to the medium term uptrend. Weekly close above 122.78 will be a further positive trigger”.
Key Quotes
“While Greece looks to be at serious risk of blowing up again (and we have to admit to being amazed that "time-out" made it into the final draft statement) our stance on USD/JPY shifts back to a buy bias”.
“Global market sentiment has not been hit as much as it could have been in our view, and it does look as if rates markets want to start to position for the coming Fed hike(s)”.
“Dips in USD/JPY should be limited to 122.00/ 121.50 and we are happy to buy dips to that point”.
“Immediate positive response this week to last week’s bullish close implies a likely return to the medium term uptrend. Weekly close above 122.78 will be a further positive trigger”.