eFXdata reports that Danske Research maintains a limited bullish bias on JPY, expecting USD/JPY to remain in 103-105 range over the coming weeks.

"We keep our expectations for further JPY strength. This strength is not due to a negative view on global risk sentiment but rather that we expect Asian outperformance to help JPY versus USD. Thus, the key risk to our profile becomes a shock that steepens the US yield curve and/or raises oil prices into the high USD50s per barrel for Brent and/or substantial USD strength," Danske notes.