Alex Weber: outlook for USD/JPY
By Alex Weber
Last week US dollar traded very confident against the yen. What does the Monday’s pullback below 108 mean?! In my view, bulls rule the game above 107.30, so we don’t have any reasons to worry. Let’s review the major bank’s positioning on USD/JPY to regain confidence in the pair :)
Credit Suisse bought USD/JPY from 107.65 on Thursday targeting 110 yen. They believe the pair has formed a small base last week. Stop Loss is set at 106.90.
Morgan Stanley has a similar view: they are ready to buy on dips to 107.50, with a take profit at 111.50 and a stop at 106.50.
Citi FX stepped into the bullish market much earlier, on October 16. They hold a long position from 105.80, with a target at 109.00 and a stop at 103.95.
Hope the information was useful for you!
Faithfully yours, Alex Weber