Royal Bank of Scotland - "Our strategy is to look for a buying opportunity in USD/JPY. In the current environment, it may mean waiting for 100, the 61.8% retracement of the rise from the previous low in October last year before it rallied to its peak above 105 around the turn into this year. However, we would be watching closely to see if it looks to be holding the low this year in Feb near 100.75. Perhaps the strategy is to look for supports to hold and signs of it breaking its recent downward momentum. Considering the general outlook for US rates would also be important."