Strategists at Westpac Institutional Bank stuck last week with the view that ‘USD/JPY will indeed head lower’ given that other than a ‘large flow’ there was no logical reason for the pair to have done what it did late Feb. They are questioning now how long it could go. Key quotes “We have to note that USD/JPY is approaching significantly oversold levels suggesting some near term consolidation.” “However, consistent with our sense that COVID19 case counts will continue rising sharply, then we simply have to expect further losses in USD/JPY on a multi-week basis.” “Key, of course, will be the BoJ, but with little pressure for action outside of the March 19 meeting, and little prospect of aggressive moves, risk sentiment will arguably drive the move lower.” “On a multi-month basis, we expect to see a move down to, and eventually through key trend support at 105.50.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China: PBoC to cut upside to the CNY – Nordea FX Street 2 years Strategists at Westpac Institutional Bank stuck last week with the view that ‘USD/JPY will indeed head lower’ given that other than a ‘large flow’ there was no logical reason for the pair to have done what it did late Feb. They are questioning now how long it could go. Key quotes “We have to note that USD/JPY is approaching significantly oversold levels suggesting some near term consolidation.” “However, consistent with our sense that COVID19 case counts will continue rising sharply, then we simply have to expect further losses in USD/JPY on a multi-week basis.” “Key, of course, will be the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
