Goldman Sachs summarizes USD/JPY outlook.

"If US data comes in softer, or the Fed isn't able to hike, and in combination with that, the BOJ come across more hawkish, you can see USDJPY continue to grind lower. But it really is all about this shift from the GPIF which really gets us lower into the 140- 145 range over the next 6-12 months," GS notes.

"Provided we stay sub-157 in the coming session, people will have the opportunity to resell, and  we can continue this downward trajectory, but watch out for a spike back above that 157.10-157.25 area," GS adds.