USD/JPY: BNP remains bearish on the JPY

"Capital outflows by Japanese investors increased during the past week with foreign debt purchases amounting to over 1,000 billion yen.

This should be enough to support the USD/JPY until rising US capital flows guide the pair higher by the end of the year.

We believe that the risk of JPY appreciation has decreased considerably. We are aiming for 124.4 on our bullish trade that we initiated at 119.50," says the BNP.