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5 May 2015
USD/JPY remains a buy on dips – Westpac
FXStreet (Barcelona) - USD/JPY exhibits a mild short-term upside bias, notes the research team at Westpac, as they suggest buying dips.
Key Quotes
“We continue with our neutral/ buy dips bias. With the US$ on the back foot, we remain patient. Golden Week complicates the view – yen crosses are looking vulnerable. DXY cannot keep falling without USD/JPY succumbing to gravity. Yet with Japanese FX players on vacation this week, it can for a while. So we remain on the sidelines, and certainly do not feel compelled to chase EUR/JPY higher, even though we see 134 on a 1 month view.”
“Model: JPY continues to fall out of favour with the model, the model cutting back its exposure to a slim 4.9%. A weaker growth signal after last week’s soft local retail sales data is the major driver of the model’s diminished appetite for JPY this week.”
“Technical: Dips held around multiple lows down to 118.33 last week. Mild short term upside bias. Resistance remains firm towards 120.80/121.20.”
Key Quotes
“We continue with our neutral/ buy dips bias. With the US$ on the back foot, we remain patient. Golden Week complicates the view – yen crosses are looking vulnerable. DXY cannot keep falling without USD/JPY succumbing to gravity. Yet with Japanese FX players on vacation this week, it can for a while. So we remain on the sidelines, and certainly do not feel compelled to chase EUR/JPY higher, even though we see 134 on a 1 month view.”
“Model: JPY continues to fall out of favour with the model, the model cutting back its exposure to a slim 4.9%. A weaker growth signal after last week’s soft local retail sales data is the major driver of the model’s diminished appetite for JPY this week.”
“Technical: Dips held around multiple lows down to 118.33 last week. Mild short term upside bias. Resistance remains firm towards 120.80/121.20.”