eFXdata reports that Nomura Research maintains a bullish bias on USD/JPY.

"As a risk scenario, if the Fed decides to announce the start of tapering at the September FOMC meeting, it is highly likely that a continued improvement in US economic indicators and a reduction in concerns about delta variants will have occurred. Thus, even in the run-up to the September FOMC meeting, USD/JPY is expected to surpass its recent high of 111.66. Under the September tapering scenario, USD/JPY strengthening could accelerate to about 113-114," Nomura adds.