USD/JPY is expected to rally above its current range in the 151.000s, according to Strategists at BBH. 

A combination of very gradual BoJ tightening and a more muted than currently priced-in Federal Reserve (Fed) easing cycle are the fundamental catalysts. 

USD/JPY falls due to Ueda – will rise eventually 

“USD/JPY fell by over 0.50% to an intra-day low around 150.80 following hawkish comments from BOJ Governor Ueda.”

“Verbal defense on the Yen continues as Japanese Finance Minister Suzuki and Prime Minister Kishida both warned against excessive yen moves.”

“It’s only a matter of time before USD/JPY breaks higher because we anticipate a gradual BOJ tightening process and a more muted than currently priced-in Fed easing cycle.”