Buy USD/JPY Tactically On A Move Towards 111 - NAB

While we have little faith in the BoJ's ability to unilaterally orchestrate a infant or sustained recovery in USD/JPY, our modelling is suggesting the current rally in USD/JPY is starting to look stretched and we would look to establish a tactical long if we see 111 trade," NAB advises. 

NAB looks to buy USD/JPY into a move towards 111 targeting 115.   

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