#USDJPY @ 149.452 set to break the 150 level soon – Credit Suisse
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The Japanese yen continues to weaken despite the threat of intervention. The 150.00 target is now within easy reach in principle and analysts at Credit Suisse are open to fresh surges higher.
“It feels like the market has already accepted the idea that the 150 level will break soon enough. What’s interesting is that this is happening even as 1-year USD/JPY implied volatility makes new cycle highs, suggesting the market is a) getting ready for a rough ride as and when the BoJ is finally forced to abandon YCC and b) open to fresh surges higher if the BoJ stands pat, with minimal respect for the capacity of FX intervention to compress movement.”
“We are not minded to fade the pair even as our original target approaches and instead would look to run existing longs once that level is breached.”
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