Strategists at Westpac have suggested buying the pair on drops towards the 112.00 handle.
Key Quotes
“The end of month run of Japanese data was mixed with IP and CAPEX coming in above expectations, CPI at expectations, and retail sales/ household spending below expectations”.
“So we move on and with a quiet week from a domestic data perspective, it will be down to China, crude and US data to drive the US$”.
“Price action in commodities is more upbeat with WTI crude and copper both probing highs in recent sessions. While price action suggests we are stuck in a 112 to 114 range, we maintain a buy USD/JPY on dips below 112 with stops below 110”.
(Market News Provided by FXstreet)
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