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Analysts at Scotiabank noted the bullish conditions surrounding USD/JPY.

Key Quotes:

“USD/JPY has advanced sharply following the USD’s break above 3-year trend resistance around 111.50.”

“The JPY is under-performing broadly on the session today as risk sentiment improves.”

“Risk-reversal pricing reflects a bid for USD calls (3m tenors) which suggests the market is a little more confident about the USD/JPY move up extending.”

“We think technical risks point to USDJPY rising towards 114/115 in the medium term.”