10 Mar 2016
USD/JPY buy the pullbacks to 112.00 – Westpac
Strategist at Westpac Robert Rennie has reiterated its recommendation of buying the pair on dips towards 112.00.
Key Quotes
“While we are sounding like a broken record here, we stick with the same bias for another week”.
“Sure, price action is not compelling and USD/JPY has not spent much time above 114 in the last couple of weeks”.
“However, it continues to look fundamentally mispriced here and it is just a matter of time before we break 114/116. Thus we carry on buying dips below 112, but with stops below 110”.
Key Quotes
“While we are sounding like a broken record here, we stick with the same bias for another week”.
“Sure, price action is not compelling and USD/JPY has not spent much time above 114 in the last couple of weeks”.
“However, it continues to look fundamentally mispriced here and it is just a matter of time before we break 114/116. Thus we carry on buying dips below 112, but with stops below 110”.