Goldman Sachs on USD/JPY trading outlook.

"This is a low quality trading environment and as a result large one-off often macro-agnostic tickets are determining paths on the day," GS notes.

"Conviction on USD/JPY shorts are lower, and we have parred back bets with the residual position watched versus the top of the cloud around 159.60 – reserve the right to re-engage, but tying up capital there is inhibiting our ability to trade some of the intra-day tactical opportunities," GS adds.