USD/JPY headed back towards the 120.00-level - BTMU

Analysts at Bank of tokyo Mitsubishi noted that the yen continues to remain under downward pressure in the nearterm having weakened sharply following the election of President Trump.

Key Quotes:

"The sharp adjustment higher in overseas yields has encouraged a weaker yen reversing gains from earlier this year.

The OPEC agreement could reinforce yen weakness triggering a full reversal by lifting USD/JPY back towards the 120.00-level.

The BoJ’s yield curve control has contributed to yen weakness by dampening upward pressure on yields in Japan."