Goldman Sachs sees the risks tilted to the downside in USD/JPY but likes JPY-funded carry expressions.

"We still think the asymmetry remains to the downside in USD/JPY, given the market's vulnerability to an increase in recession odds (especially as markets have priced in greater optimism on the resumption of flows) and still-elevated intervention risk (reinforced by Katayama's latest comments on continued discussions with the US).

"But both of those feel a bit farther away, and we continue to see underlying depreciation pressures from the recovery in risk sentiment, likely only gradual hikes from the BoJ, and the relative economic implications from the energy shock. For that reason, we see a better window of opportunity for JPY-funded carry expression," GS adds.