Westpac recommend selling EUR/JPY at.......>

EURO-YEN: Westpac recommend selling EUR/JPY at Y128.75, with a stop at Y129.45

and a target of Y126.65.

- Westpac reason that "ECB staffer's updated projections at the December meeting

will be key for ECB policy through 2019. Data has persistently undershot ECB's

path leaving their targets far from being achieved. Slower global growth, lack

of substantial Eurozone reforms and lower internal demand all suggest that

growth will remain low, despite firmer Eurozone employment data. ECB's forward

guidance may well be extended beyond the "end of summer" in terms of a potential

rise in key rates. EU is likely to be restrictive and punitive on potential

breaches of national budget guidance from France and Italy. EUR/JPY has been

steady despite large risk sentiment swings around US-China trade tensions and

going forward may remain insulated from a range of potential outcomes on this

front. The sharp fall in global yields should exert a gravitational pull on

EUR/JPY."