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It’s all but impossible to have a confident near term outlook for USD/JPY given ongoing developments, in the opinion of analysts at Westpac Institutional Bank.

Key quotes

“We remain of the view that USD/JPY should and will be lower; however, that view could take some time to evolve.”

“In the very near term we would be surprised to see strength above the 109/110 and that looks like a logical area to try to fade the market.”

“Over the next few weeks/months our confidence in a move lower in USD/JPY would increase. Thus, we maintain our negative bias on a 1 and 3 month basis.”