Bank of America Global Research adopts a core bearish bias on JPY through year-end.
"On net, domestic demand/supply has been negative for JPY since March. This is also implied by USD/JPY's intraday price action as it has been rising in Tokyo trading zone while it has reversed lower in London," BofA notes.
"We continue to expect higher USD/JPY in 2H21 (113 year-end). We think USD/JPY above 115 is unlikely, while 105 would be a strong floor," BofA adds.