The Japanese Yen (JPY) is the weakest G10 currency in the year to date and USD/JPY is holding just below its November 2023 highs. Economists at Rabobank have revised their USD/JPY forecasts. 

November high just below 152.00 to act as strong resistance

We now see USD/JPY at 140.00 on a 12-month view compared with a previous forecast of 135.00. 

Near-term, we expect the November high just below 152.00 to act as strong resistance of USD/JPY as the market approaches the March and April BoJ policy meetings.