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Westpac: USD/JPY capped at 104 yen

Analysts at Westpac doubt of the sustainability of USD/JPY growth above the 104.00 mark. In their view, economics for further growth above 104 is not very persuasive. At the same time, any dips to 103.10/ 102.80 will be very well supported, analysts say. 

“Japan’s recent run of data outside of the PMI suggests economic momentum continues to wane", analysts explain. "The markets start to think about the potential for forecast changes at October’s BoJ ‘outlook’ meeting. This week's inflation data and September developments will be very important for the markets". 

Chart. H4 USD/JPY

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