The dollar surged to a three-and-a-half year high against the yen on Friday and Dennis Gartman, editor of "The Gartman Letter" told CNBC that it will only soar higher, reaching 125 against the yen in the next two years.
"I've been short since October," Gartman told CNBC Friday regarding the Japanese yen. "I really, honestly, see no reason to be anything other than that."
The yen was under pressure again on Friday as traders looked beyond the Bank of Japan's decision on Thursday to stand pat on monetary policy. All eyes are now on the next meeting in April, where new BoJ members may take bolder action to defeat deflation.
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The dollar edged up to 95.50 yen on Friday and Gartman had no doubt that it will break through the 100 level soon.
"Are we going to get there today? No I think not. Are we going to get there this month? Probably not. Will we get there sometime this year? Quite certainly will," he said. "I think we'll see 125 over the next two years or so."
The yen has weakened around 18 percent against the dollar since mid-November. The move started before elections in December with Shinzo Abe from the Liberal Democratic Party (LDP) promising a more dovish approach to monetary policy to revive the Japanese economy.
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The dollar is universally stronger, according to Gartman. A positive payrolls number on Friday, which Gartman expects to be above 200,000, will help give the dollar a "very strong" boost against the British pound and perhaps even against the euro.
Gartman isn't alone in calling for a stronger dollar. Societe Generale believe there is more to come after the dollar index rallied strongly in February, stabilizing over the 80 level.
"The dollar rally is just beginning," the bank's forex experts said in a research note, explaining that growth now determines a currency's performance rather than the traditional "risk on/risk off" trade.
"The Fed's DNA hasn't changed, the dollar is still the world's reserve currency and that allows Ben Bernanke to keep rates absurdly low, but U.S. economic recovery, however 'new normal', is dollar-positive."
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Delving into history, SocGen likened the current confidence in the greenback with the dollar rally between 1995-2001, when asset prices rose in sync with the currency. A multi-year period of dollar appreciation is starting, SocGen said.
-By CNBC.com's Matt Clinch
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