Analysts at Goldman Sachs recommended going short on USD/JPY via options over a six-month timeframe in their latest client note.

Key quotes

"We see a variety of paths to a Yen recovery-US economic weakness and/or upward pressure on rates in Japan and limited scope for further sustained depreciation.”

“We recommend buying a 6m 115 USD/JPY digital put, at a price of about 9%, to position for a further step-down in US growth momentum over the coming months.”

"We see meaningful downside risks to our 12m USD/JPY forecast of 123, but maintain this projection for now in light of our colleagues relatively upbeat modal forecasts for US equities, US rates, and global commodity prices.”