Research Team at MUFG, expects the USD/JPY to trade with neutral bias within the range of 112.50-115.50 in the coming week. Key Quotes “USD/JPY is higher following the release of revised US economic data. But topside remains heavy because market participants are still not confident about the Fed and BoJ’s next moves. Next week’s ECB meeting may not affect USD/JPY as much as it did in December, though EUR/JPY did rise then. The upper bound for USD/JPY around 115.50 ahead of the BoJ and Fed meetings may be supported by Japanese exporters. The ECB decision may boost market expectations for more easing by the BoJ. However more easing could weaken market confidence, just as the January decision did. BoJ Governor Kuroda will have to clarify how he intends to encourage Japanese companies to make more capital outlays. In our view, the BoJ will not ease further this month.” For more information, read our latest forex news.