Cantom OP Boris Johnson : Hey, thanks for the comment
Yes, I see a resistance around 140 as well based on my technical analysis.
By the way, looking at much longer term, I expect USD/JPY hitting below 100 with US02Y 1.00% and the yield gap between 10y & 2y being 2.50%, unless long term yields gaining momentum upwards, which I don’t think very likely with the current CDS level.
We are still at the very beginning of the rate cuts. Let’s see how it plays out

Cantom OP Ghost2737 : Hi! Telling when is the last thing I want to do, but it should take more than one year before that happens.
There are quite a few events for JPY to reach that level such as; Credit crunch, liquidity crises, demand destruction, QE etc…
The Fed is covering up the banking crisis with BTFP, and excess liquidity from which you can tell historical amount of Reverse Repo. I suspect the Fed is unofficially allowing banks to do installment repayments, looking at the current repayment pace of BTFP.
Also the government is buying back treasury bonds to add more liquidity to the market against QT. They are too afraid of what is to happen next
Anyways 100 level needs to be backed up by negative economic events. I expect the leveraged loans will completely ruin the Fed and the government’s plans.