USD/JPY target of 129 from ScotiaBank.

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ScotiaBank reported its estimates for USD/JPY in its February 2016 Foreign Exchange Outlook. According to the report, JPY is starting February below its December close after fully losing its YTD gains driven by BOJ’s surprise interest rate cut decision on January 29. The bank is bullish USD/JPY and forecast a Q2 2016 target of 129.

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