In a piece put out over the weekend, Goldman Sachs pointed out that the typically when spreads between US and Japanese yields are as wide as they are today (about 210 bp in 10-year yields in favor of the dollar), USD/JPY should be closer to 105 than to 95.00.
Offers are seen toward 95.30 near-term, dealers report, with the greenback supported versus the JPY on reflation hopes.
