Nordea Bank placed a short order to CHFJPY
Stop Loss: 114.50
Fed's crazynormous QE program and the potential for Fed adopting yield curve control (YCC) suggets US real rates could drop further (~105), weighing on USDJPY. What's more, the US shows few signs of containing the virus yet, suggesting high macro uncertainty will prevail for now, and the equity market may soon be ripe for a "buy on rumour, sell on fact" development (which could be good news for JPY).
In short, USD/JPY is overshooting US real rates, a gradual return to some state of normality in funding markets mean USD/JPY will likely have further catching down to do, as does the risk for a return of equity volatility within a week or two...We choose to reflect such a view via a short CHF/JPY position instead, as it allows for a better carry.