Today the head of the Bank of Japan Haruhiko Kuroda delivered a speech in the parliament and said that global markets remain volatile due to low oil prices. The Japanese economy continues to recover moderately. Mr. Kuroda also said about the positive effect of negative rates of the Bank of Japan. According to our estimates, the price of USD/JPY has significant potential for growth in the near future and we recommend to accumulate long positions with growth potential to 118,80, 121,50 and 124,50. Our medium-term outlook for the USD/JPY remains positive.