The yen has finally rallied and crossed the target level of 103.18 yesterday, opening the target level of 102.35. Further development of the Japanese currency will largely depend on the US dollar. If the greenback starts a large-scale offensive that we are expecting, then the USD/JPY pair will move up from the target level.
But several powerful uncertain risks can intervene at once: an outbreak of a post-epidemic, a collapse of stock markets, the emergence of new hot spots on the geopolitical map. And the yen's reaction is unpredictable. In general, given the decline in the role of the yen as a safe-haven currency, the main pressure on the pair will increase. Trading the yen in 2021 will be challenging.