Goldman Sachs forecast for USD/JPY to 103 in three months
- despite its up move already this year
GS acknowledge though that upside risks for are growing
- US data remains strong
- speculation on looser fiscal policy globally is growing
GS note parallels with 2016, which saw yen eventually weaken
- Fed becoming less hawkish
- worries on China
- weaker global growth
- concern central banks are running easing options
& in 2016 there was a reversal of these factors and USD/JPY moved off its lows. GS say there's risk of a rerun of this.