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USD/JPY launches attack towards 113.00

FXStreet (Bali) - During the interbank trading early Monday, the buying momentum in USD/JPY has not receded, with the rate overshooting the 112.50 barrier to attack 113.00 after a 112.33 NY close.

Since the shocking decision by the BoJ to further ease monetary policy last Friday, which came combined with an aggressive re-allocation of GPIF assets (to occur in a gradual manner over a period of 12-18 months) USD/JPY has quickly appreciated over 3%.

There seems to be unanimous consensus among banks and other large institutions that USD/JPY is heading much higher from present levels, with Nomura having recently revised its year-end target to 115.00, while technically speaking, and very much in line with many bank's forecasts going into 2015, the level 120.00 looks like the next big reachable target mid-term.

USD/JPY: Year-end target revised to 115.00 - Nomura

Nomura has revised its year-end trading target for USD/JPY from 112 to around 115 after Friday's BoJ further easing.
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