USD/JPY should continue trading in a 108.70 to 110.70 range - Westpac

Robert Rennie, Research Analyst at Westpac, suggests that we have stuck with a neutral bias for JPY over the last couple of weeks, and maintain that view into this week.

Key Quotes

“The chorus of Fed speakers emphasising that June is live has largely been offset by the chasm that has opened between US and Japanese officials on the ¥. As long as this is the case  then it is down to Japanese reform/ data to drive the ¥ lower. Without this, USD/JPY should continue trading in a 108.70 to 110.70 range.”