USD/JPY is consolidating after rebounding from key trend line support and reclaiming the 50-day moving average, with focus now on the 150.90/151.20 resistance zone, Société Générale's FX analysts note.
Bank of Japan (BoJ) board member Asahi Noguchi said in a scheduled appearance on Monday that “various indicators of inflation expectations are gradually approaching 2%.”
Further US Dollar (USD) strength is not ruled out, but any advance is likely part of a higher range of 149.20/150.15. In the longer run, USD could rise further to 150.15, with lesser odds of reaching 150.90, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.