Economists at TD Securities think the Yen will trade with an asymmetric bias that is tilted to the upside.

EUR/JPY: Downside towards 130 in the coming months is likely

“With the Fed ceding leadership on policy to the ECB and the BoJ, JPY trading bias remains asymmetric and with considerable room for gains.”

“We expect USD/JPY to register a 120-125 handle this quarter. We think rallies to 133/134 in will make for an attractive short.”

“We are biased to appreciable strategic EUR/JPY downside towards 130 in the coming months.”