USD/JPY: Buy the dip mode - Westpac

Robert Rennie, Research Analyst at Westpac, remains in ‘buy the dip mode’ for USD/JPY.

Key Quotes

“Last week we shifted that to 111/113 from 110/112. The US$ feels like it remains in a holding pattern until we see what the “phenomenal” tax package looks like – assuming we get details on Feb 28 – and with price action in USD/JPY still feeling heavy, we remain relaxed about waiting for dips to buy.”

“However, as we head towards the Fed in March we see the USD garnering more support. Bottom line stay long/ add on dips towards 111.”