USD/JPY outlook: targetting 112 - Scotiabank

Analysts at Scotiabank explained that JPY entered November at the lower end of its 2017 range. 

Key Quotes:

"JPY seasonals are bearish and speculative short positioning is extended. 

Widening interest rate differentials are expected to deliver continued fundamental weakness for JPY. 

We hold a relatively neutral USD/JPY year-end 2017 target of 112."