Flash: Look to establish a long USD/JPY position - RBS

FXstreet.com (Barcelona) - Recent strength in the Japanese Yen is not consistent with a recent ebbing in confidence in Japan, notes Greg Gibbs, FX Strategist for RBS.

Key Quotes

"The prospect of a consumption tax hike and weakness in Asian economies is weighing on sentiment. This may soon force the BoJ towards more monetary policy easing. However, this is not expected at their policy meeting on Friday. Nevertheless, we are inclined to fade the recent recovery in JPY and seek to use the current weakness to establish a long USD/JPY position."