USD/JPY is a buy on dips - Westpac

Robert Rennie, Research Analyst at Westpac, suggests that they have argued USD/JPY is a buy on dips sub-112 even though the price action has been patchy at best.

Key Quotes

“That poor price action drove USD/JPY sub-111 mid-March, however, the pair has stabilized fairly well considering the breadth of the USD selling post-Yellen speech. That emboldens us to stick with the view, buy dips to and through 112 with a stop below 110. However, inability to break above 114 on numerous attempts suggests upside targets should be modest too.”