Analysts: buy USD/JPY lower
Strategists at major banks recommend buying USD/JPY on dips. They believe that the USD weakness could last a little longer from now.
Commerzbank: Higher prices in USD/JPY are still on the cards this year, with pullbacks constituting nothing more than good opportunities to buy. Break below the 200-day MA (97.30) opens the way to the current October low (96.55) and the 6-month support line (95.90). The market is very unlikely to break below the last level.
HSBC traders recommend buying the pair on dips from 96.60/70. Analysts at Bank of America are also bullish on USD/JPY above 96.60 with an initial target of 100.62.
Chart. Daily USD/JPY