9 Jul 2015
USD/JPY neutral near-term – Westpac
FXStreet (Edinburgh) - In opinion of Robert Rennie, Strategist at Westpac, the outlook for the pair remains neutral in the near term.
Key Quotes
“Beyond the BoJ it’s only secondary data next week. No change expected from BoJ, but it is an ‘interim assessment’ so plenty of opportunity to drive market expectations”.
“We have run with a buy dips bias for the last few weeks in USD/JPY with a ‘tight stop’ below 122.00”.
“Given we are now below 122.00, we consider stopped out and thus neutral. We still see limited downside, but with Greece and China, its hard to step up and be brave”.
Key Quotes
“Beyond the BoJ it’s only secondary data next week. No change expected from BoJ, but it is an ‘interim assessment’ so plenty of opportunity to drive market expectations”.
“We have run with a buy dips bias for the last few weeks in USD/JPY with a ‘tight stop’ below 122.00”.
“Given we are now below 122.00, we consider stopped out and thus neutral. We still see limited downside, but with Greece and China, its hard to step up and be brave”.