USD/JPY: Buy on dips - Westpac

Robert Rennie, Research Analyst at Westpac, retains their ‘buy dips’ bias for USD/JPY another week as with the Fed looking through short term data weakness and thus likely to cement June hike odds at 70-80%, support for the $ leg looks good.

Key Quotes

“As for the ¥, the French election/ North Korea and Trump policy risks have subsided as a driver for risk aversion. We shift our 1 month target to 113.”