USD/JPY risks point to the upside – Westpac

Strategist at Westpac Robert Rennie sees the pair could edge higher in the near term.

Key Quotes

“Last week we argued for USD/JPY in a 108/109.50 range, though we highlighted “risks around FOMC minutes and US CPI to the topside”.

“At least in the short term, the risks are clearly for further gains, though the 110.75/112 region was key support on the way down, so will be strong resistance on the way up. We stay neutral for the week away, but the risks are still to the topside”.