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Strength towards 108.50/110 looks to be a good sell on strength as worsening US data should weigh on the USD/JPY pair, according to analysts at Westpac Institutional Bank.

Key quotes

“Our view has long been that the news in the US would get much worse. As this manifests itself in much weaker US data, that should continue to weigh on USD/JPY.”

“We cling to the view that ‘it is only a matter of time before USD/JPY heads lower again’.”

“Strength towards 109.50/110.50 looks to be a good sell opportunity.”