Goldman Sachs Research discusses USD/JPY near- and medium-term outlook.

"With the global backdrop remaining a source of downward pressure on JPY-which should persist if the Fed hikes again in October as our economists expect further reduces the case to be short USD/JPY tactically," GS notes.

"We still see clearer long-term asymmetry in USD/JPY downside, which has been reinforced by the latest rally, for three reasons. First, elevated risk of intervention remains with a reported rate check by Japan in the hours following the BoJ press conference. Second, even faster BoJ hikes could still come if the data warrant it, though our economists' baseline is a bit slower than what is currently priced.  Third, there remain higher odds of shifting portfolio flows over time," GS adds.