USD/JPY has been in a downtrend since early March reflecting Yen’s safe haven credentials. Rabobank’s central view is that USD/JPY is likely to hold around current levels on a one-to-three month view. 

Stresses of the past few weeks are unlikely to be the last

“Although risk appetite has improved this week, the global economy has to become accustomed to operating in a higher interest rate environment. That suggests that the stresses of the past few weeks are unlikely to be the last.”