At current levels, Bank of Tokyo Mitsubishi is neutral on USD/JPY, seeing the pair trading at 123-125 range in the near-term.
"Next week, USD/JPY will likely stay around 124, though Japanese non-manufacturer to sell JPY for large scale overseas investment near 123," BTMU projects.
"The fragile equity market momentum and Japanese exporter’s USD/JPY selling toward end of this month may limit USD/JPY rise near 125," BTMU adds