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Amid the post-FOMC sell-off in USD, the 111-114 range in USDJPY was finally broken to the downside before settling back above 111, notes Barclays Capital.
"While continued improvement in risk sentiments, helped by the dovish Fed, and speculation about FX intervention (as reported by the Nikkei newspaper on 17 March) supported the pair around 111.
The dovish shift in the Fed suggests continued downward pressures on the USD in the near term, leaving JPY prone to further appreciation amid higher volatility.
We continue to expect USDJPY to decline toward 100 in the quarters ahead," Barclays projects.
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