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13 Aug 2013
Flash: USD/JPY scope for plunge to 94/95.00 – Westpac
FXstreet.com (New York) - Sean Callow, a Global FX Strategist at Westpac analyzes the short-term outlook of the USD/JPY.
Key quotes
In terms of the USD/JPY, “moderate scale Japanese net buying of foreign bonds isn’t enough to counter nerves over Japan-China tensions.”
“Nikkei vulnerability to fears that PM Abe’s third arrow of reform will never really be fired – Obon week should keep volume light, with scope for USD/JPY to dip as far as 94/95. This is a dip we would look to buy.”
Key quotes
In terms of the USD/JPY, “moderate scale Japanese net buying of foreign bonds isn’t enough to counter nerves over Japan-China tensions.”
“Nikkei vulnerability to fears that PM Abe’s third arrow of reform will never really be fired – Obon week should keep volume light, with scope for USD/JPY to dip as far as 94/95. This is a dip we would look to buy.”