So far, February has been a choppy period for USD/JPY. Having rallied since the start of the year, the Japanese Yen (JPY) succumbed to profit taking earlier this month only to rebound in recent sessions, Rabobank's FX analyst Jane Foley notes.

USD/JPY is on course to the December low in the 148.65 area

"Yesterday USD/JPY pushed lower, encouraged by the release of the better-than-expected Q4 Japanese GDP report. That said, as the month’s low around the 151.00 level neared, JPY bulls lost their nerve this morning and the currency pair ticked higher. In our view the JPY is likely to continue gaining ground in the coming months."

"We retain a year-end target of USD/JPY145.00 with downside risk. The JPY is the best performing G10 currency in the year to date. A clear break below the USD/JPY151 level could put the currency pair on course to the December low in the 148.65 area."