25 Feb 2015
USD/JPY remains neutral – Westpac
FXStreet (Edinburgh) - Strategists at Westpac still keep the neutral view on the pair.
Key Quotes
“Recent USD/JPY price action reinforces our existing neutral bias. Rallies are likely to be crimped by the effective cap on US yields from mixed US data flow but risk sentiment is probably resilient enough for USD/JPY dips to meet bargain-hunters”.
“Spec positioning is the least stretched (long USD/JPY) since July 2014. Rough range 117-120.50 until further notice”.
“Momentum is low as a tight range holds price. Continue to favour a shift lower to below 117.00 while price remains below 119.60”.
Key Quotes
“Recent USD/JPY price action reinforces our existing neutral bias. Rallies are likely to be crimped by the effective cap on US yields from mixed US data flow but risk sentiment is probably resilient enough for USD/JPY dips to meet bargain-hunters”.
“Spec positioning is the least stretched (long USD/JPY) since July 2014. Rough range 117-120.50 until further notice”.
“Momentum is low as a tight range holds price. Continue to favour a shift lower to below 117.00 while price remains below 119.60”.