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Strategists at OCBC Bank do not rule out a test of the 1.1220 high for the USD-JPY for now, although the broad risk-off environment should limit gains. 

Key quotes

“The USD-JPY continues to search higher, even as its short-term implied valuations remain anchored at lows.”

“It leaves us skeptical of the recent updrift. Nevertheless, we cannot rule out a test of the recent high at 1.1220, but we will not chase the pair higher.”