Be patient, the yen trade is not over yet

While the rally in U.S. dollar-yen has fizzled out over the past five months, foreign exchange strategists say the trade is not over yet.

"I think dollar weakness will keep dollar-yen range bound in the short-term, but the bias for longer-term is for it to head higher. The economy needs a weaker currency as it adjusts to the sales tax hike [in April]," said Nizam Idris, head of strategy, Fixed Income and Currencies at Macquarie told CNBC. He forecasts the pair will hit 105 in the next six months.