Nomura Research maintains a buy-on-dip in USD/JPY targeting a move towards 137.

"In the near-term, expectations for aggressive Fed hikes will still likely support USD/JPY and for now, we maintain our tactical USD/JPY long positions, maintaining a dip-buying stance below 135," Nomura notes. 

"In Japan, the BOJ’s survey on household opinions next Wednesday will be worth monitoring, as inflation expectations among households have likely accelerated further. Although the price outlook for the next five years among Japanese enterprises stayed slightly below the BOJ's 2% target, if consumer expectations for inflation rise, market expectations for the BOJ to revise its policy will likely be maintained. Thus, into the July BOJ meeting on 20-21 July, USD/JPY will likely trade volatile again," Nomura adds.