USD/JPY is consolidating the upside just below 149. In the view of economists at Commerzbank, the pair is set to see another leg higher as the market's restraint should disappear.

Yen bears target next threshold

“USD/JPY is trading suspiciously stable at just below 149, probably because yen traders increasingly fear the risk of intervention from the MOF/BoJ at levels close to 150.”

“It seems to me that a new significant jump to the upside in USD/JPY is only a matter of time. Should the MOF/BoJ then not clearly resist the depreciation, the yen bears are likely to increasingly shed their restraint and the upward pressure in USD/JPY should increase all the more.”