Comments from Shinji Kureda, Tokyo-based head of FX trading at Sumitomo Mitsui Banking Corp.

Via Bloomberg:

  • Says USD/JPY could rise to as high as 128 this month
  • Says if U.S. data (eg. nonfarm payrolls on June 5 & retail sales due June 11) beat market expectations
  • Says to be wary of profit-taking selling above 125
  • But many Japanese and foreign investors have yet to catch-up with FX pair's rally, so they may buy on dips around 123 level

I posted an intra-day chart here showing the tick above 125

Here's a longer-term look, the past 6 or so months: