ANZ Research likes buying USD/JPY on dips below 155.

"We expect structural demand below 155 in the near term, with 160 acting as a practical cap given elevated intervention risk. In the absence of coordinated action or a meaningful decline in US rates, sustained downside below the mid-150s looks difficult," ANZ notes.

"The Fed’s January rate checks – moving USD/JPY from 159 to 152 – also suggest the US administration may be comfortable with a weaker trade-weighted USD. Bottom line: Japanese authorities can restrain extremes, but until US rates turn decisively lower, coordinated intervention comes into play and/or the BoJ’s hikes more aggressively, USD/JPY is likely to remain supported on dips," ANZ adds.