Strategist at Westpac Robert Rennie noted the bullish outlook on the pair for the upcoming sessions. Key Quotes “We have run with a lazy neutral bias for the last couple of weeks, waiting for better levels to buy USD/JPY sub 117”. “Those levels have come and gone, yet USD/ JPY has continued falling”. “We are surprised by the limited commentary from the BoJ/ MoF in recent sessions, but with our JPY NEER model at highs back to Q3 2014, the level of frustration will have to be rising”. “We expect the BoJ/ MoF to react verbally to rapid ¥ appreciation, thus we shift our bias back to a buy for the week ahead. Clearly, we would need to run a tight stop on this – stop at or below 110”. For more information, read our latest forex news.