Nomura Research likes to buy JPY crosses after a potential MoF intervention.

"At this juncture, there are no strong signals suggesting these fundamentals will change in the near-term, so we think establishing a long cross-JPY trade is reasonable. However, with USD/JPY approaching 164-165, we think intervention risk is becoming further elevated, making it unattractive for immediately entering this short JPY trade. Thus, our preferred strategy is to initiate long cross-JPY after the MOF’s intervention, if any, occurs," Nomura adds.

"We believe shorting the JPY after any dips is a sensible strategy. All in all, we like having long EUR/JPY with a conviction level of 2/5, waiting for a better entry level," Nomura adds.