23 Jul 2015
Buy the dips in USD/JPY – Westpac
FXStreet (Edinburgh) - Strategist at Westpac Robert Rennie recommends buying the pullbacks in the pair.
Key Quotes
“We have stuck with a USD/JPY buy dip bias for a number of weeks now”.
“To be sure, this bias has assumed that Greece would either be solved or kicked significantly down the road. That appears to be the case now, so that firms up the buy on dips view”.
“However, upside for us is based more on likely strong Q2 GDP in the US (Thursday next week) and disappointing Q2 GDP in Japan (Aug 17)”.
Key Quotes
“We have stuck with a USD/JPY buy dip bias for a number of weeks now”.
“To be sure, this bias has assumed that Greece would either be solved or kicked significantly down the road. That appears to be the case now, so that firms up the buy on dips view”.
“However, upside for us is based more on likely strong Q2 GDP in the US (Thursday next week) and disappointing Q2 GDP in Japan (Aug 17)”.