USD/JPY to suffer a decline toward 121.00 but still targeting mid-120s – OCBC

USD/JPY pushed through 122.00 on Thursday. Some retracement is seen today, though in the near-term, the focus will still be on USD/JPY upside as the pair pushes closer to mid-120s. 

Technical pull-backs on the cards

“Even as we are structurally positive on the USD/JPY towards the mid-120s, do not rule out technical pull-backs. The 121.00 locus may be the first support in that case.”

“For now, the BoJ and Fin Min have refrained from directly commenting on JPY weakness.”