According to Robert Rennie, Research Analyst at Westpac, despite the slump in equity markets, USD/JPY has hardly batted an eyelid, with minimal trade below 112 suggesting solid Japanese demand on dips to buy foreign assets.
Key Quotes
“Perhaps we are being too cautious here but we again stick to a neutral bias for the week ahead on the basis that risk sentiment remains so very poor at the moment.”
“However, we do see dips to 110.50/ 111 as a great buy opportunity and expect to see higher levels as we move through Q4 (114 year end target).”
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