Just a quickie:

JPMorgan still see the risk if for a higher USD/JPY despite saying it is ‘overbought’

  • 117.95 late-2007 high is the next target to monitor
  • And then an eventual extension into the 120 area, if not 124 zone

Meanwhile, Barclays have further raised their USD/JPY forecasts, citing a deterioration to the outlook for Japanese inflation amd the increased chance of further BOJ action

  • Barclays expect USD/JPY to hit 118 in 1 month and 120 in 3 months