USD/JPY touched 119.93 today but slide to 119.16 after soft consumer sentiment.
From BTMU:
The slowdown in US growth is pushing back Fed rate hike expectations into next year. Still long-term US yields have adjusted higher while short-term yields have remained more stable dampening downside risk for USD/JPY. However, the recent improvement in Japan's external account surplus is encouraging USDJPY selling.
"We expect to see an increase in demand from Japanese investors and firms to buy USDJPY on any dips towards the 118.00-level."
For bank trade ideas, check out eFX Plus. For instance, Morgan Stanley analysts recently placed a limit order to Long USD/JPY at 118.6, with a target at 124 and a stop at 117.6.