Usd/Jpy is an equilibrium price for the pair in our model, the pair has been sideways overall for 5 days. As long as the market is not too aggressive in the eyes of the BOJ I could see the market testing 151 due to interest rate differentials and other factors, but clearly that level is a concern for the BOJ. A bit of a quandy. Favoring the bid from the 149.50 and 150 areas unless the market gives up.