JP Morgan discusses USD/JPY neat-term outlook.

"Fresh all-time in EURJPY last week gave way to decent cross JPY underperformance on Friday's oil collapse - very happy to not be sat in front of the screens to pay spreads but still not sure JPY is the one you want to go for when the all clear is sounded as it remains very hard to see energy going 'back to normal'.

The Japanese side remains unhelpful, JPM have changed their BoJ call overnight to that of a hawkish hold; domestic data of late has been questionable especially the business surveys last week but the continued geopolitical uncertainty remains the main factor," JPM notes.

"No real view here - USDJPY seems destined to remain 158/160 until further notice, no real clear net flow signature from last week but DHF did embark on a 2z JPY chase on Friday which has only reversed to a relatively minor extent overnight," JPM adds.