USD/JPY bid on dips below 120.00 – OCBC

FXStreet (Barcelona) - Emmanuel Ng of OCBC Bank, views that dips below 120.00 would be a good opportunity to buy USD/JPY into the US data releases later in the day.

Key Quotes

“Despite rate differential movements, USD-JPY slipped on Tuesday after official Japanese rhetoric although the deterioration of the Feb services/composite PMIs this morning may put a near term floor on the pair ahead of the US non-manufacturing ISM, Beige Book, and ADP report later in the global day.”

“In the interim, the 55-day MA (118.88) may give the pair a bounce on dips and the latest dip back below 120.00 we think may provide a good opportunity to accumulate.”