Credit Suisse: USD/JPY targets 1140 yen
According to analysts at Credit Suisse, technical indicators don’t support the USD/JPY recovery above 120 yen.
For now the bearish correction was limited by the 117.50/00 area, but the sluggish attempts to recover and lower support from yield differentials confirm the increased risk of a deeper correction.
Credit Suisse believes that a break below 117.05 will open the way for a decline to 115.50 and then to 114.00/113.80.
Chart. Daily USD/JPY