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.