Economists at Credit Agricole CIB Research are changing USD/JPY trading bias from buy-on-dips to a sell-on-rallies. They still forecast the pair at 116 by end-2022.

End-Q2 forecast for USD/JPY revised up from 118 to 120

"We recently revised up our end-Q2 forecast for USD/JPY from 118 to 120 and have left the remainder of our forecast unchanged. We maintain an end-2022 forecast for USD/JPY of 116.” 

"We have changed our trading bias for USD/JPY from a buy-on-dips to a sell-on-rallies. We see the risks to our USD/JPY forecasts as being to the upside."