ING Research discusses USD/JPY outlook and sees the pair trading through 130-level over the coming days.

"The yen is once again emerging as the worst-performing currency in the G10, and with USD/JPY now at 128.00, the perceived probability of FX intervention in Japan is set to rise. As discussed, no intervention at the 130.00 mark could mean that the line in the sand is set at 140.00. So far, more and more verbal intervention by Japan’s politicians (this morning, the Finance minister warned against the risk of a rapidly depreciating yen) seems to be having less and less Economic and Financial Analysis FX 19 April 2022 Article impact on the currency," ING notes. 

"At the same time, the probability of a rate hike by the BoJ purely to reduce the Fed-BoJ policy gap has been ruled out by BoJ Governor Haruhiko Kuroda. We expect USD/JPY to test 130.00 in the coming days," ING adds.