We have been the coherent JPY-bears for two years, and still see a rate of 115-120 in 2015. However, a trend of yen depreciation will not continue uninterruptedly in the markets. The USD/JPY stopped rising despite a strong US payrolls report in early May. We have to admit that it has become hard to find a clear upside catalyst for the USD/JPY market soon.
Read the full report: FX Daily
DB