USD/JPY: Barclays still expects pair to keep dropping to 100.00 by end of Q2

Barclays reveals its thoughts on the USD/JPY and continues to anticipate a drop to 100.00:

"After the post-FOMC dive, the USD/JPY's 111-114 range was finally broken through at the bottom, before climbing back into the range.

For the record, the improved risk sentiment induced by dovish Fed statements and speculation about intervention on the forex market by the Band of Japan supports the pair.

The dovish turn in the Fed's statements suggests that the downward pressure should be maintained on the USD in the short term.

We therefore continue to expect a drop in the USD/JPY to 100.00 by the end of Q2."