FXStreet (Edinburgh) - According to analysts at Danske Bank, the pair is now seen at 123.00 in a 6-12 month horizon. Key Quotes “In contrast with our expectations, the Bank of Japan (BoJ) kept its monetary policy unchanged last week”. “In our view, the updated stance from the BoJ suggests the bar for additional easing is 'very high' and we now expect the BoJ to continue its current QE programme with an annual target of JPY80trn until 2017”. “We have lowered our USD/JPY forecasts slightly, as the prospects of additional BoJ easing have declined and now target USD/JPY at 121 in 1M, 122 in 3M and 123 in 6-12M”. For more information, read our latest forex news.