Citi discusses USD/JPY outlook and flags the scope for some interest from local buyers sub-105 on the way to 103.
"USD/JPY is testing key levels. BoJ was not a mover. Spot is importantly now below key support at 105.20 which Takashima-san thinks could open the door to 104.20," Citi notes.
"Our Asia trader partially agrees, noting that “the last time USDJPY was down here, local names had some interest to buy USDJPY sub 105 and feel they have more to buy on the way to 103.” Citi adds.