USD/JPY is down 18 pips to 105.77 today
TD is out with its weekly FX pick and recommends selling USD/JPY with a target of 104.00 and a stop at 107.75.
"The JPY has largely lagged the broad USD move lower. Instead, we have seen this take place in the high beta antipodes, EUR , and even EMFX. JPY positioning screens fairly neutral and cheap on our cross-market FX board. This setup leaves the JPY primed to play catch-up," they note.