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USD/JPY: buy the dips – Westpac

FXStreet (Edinburgh) - Strategists at Westpac have recommended buying the pair on dips towards the 119.50/118.50 area.

Key Quotes

“We have run with a buy bias for much of the last or so on the basis that Japanese demand for foreign assets has shown signs of improving; that the Fed would be supportive and that global risk sentiment should hold up”.

“While the Fed last week did not provide the support we expected, dips were confined to our 118.50/ 119.50 buy area. So we stick with the buy bias for another week, though a break below 118.50 would see us 'stopped out'.

“The 2015 uptrend in USD/JPY was broken upon the breach of the 2015 trend support at 121.60/80. Price has consolidated in September. Below 119.10/20 triggers weakness, targeting 116.00/50 multi-week”.

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