USD/JPY: Deutsche Bank is betting on a decline, targeting 105, and even 100

In an analysis published this morning, Deutsche Bank reviews the fall of the USD/JPY:

"The USD/JPY fell from 111 to 108 after the BoJ's decision to not announce new easing on 28 April, contrary to market expectations, and the pair even continued to fall to 106.

We believe that investors may want to test new lows towards 100, and in the end, it will be difficult for the BoJ to intervene sufficiently to keep the USD/JPY in a range between 105-110.

We therefore maintain our short position opened at 113.20 on 22 February, with a stop at 116 and a take profit at 105."