USD/JPY: risks to the downside below 103.00 - FXStreet

Analysts at Bank of Tokyo Mitsubishi explained that the seasonal JPY repatriation flows will likely pick up in August, strengthening the yen.

Key Quotes:

"USD/JPY topside could be held to 103 next week, with a lower bound below 100 because of weak JPY selling close to the summer vacation period. Real flows are now causing JPY to strengthen, and we expect data due August 8 showing a June current account surplus to reiterate this."

"The new Cabinet line-up, announced yesterday, has until mid-September when the Diet reconvenes to hammer out a FY16 stimulus package. Many investors are still watching for signs of real policy efforts under Abenomics. A stronger US non-farm payroll report may not support a USD rally at this stage."