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.