USD/JPY: Initial target at 125.00 and possible extension to 120.00 — Credit Suisse

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After topping out around 131.50 from around 128.50 just after the Bank of Japan decision, the USD/JPY quickly pulled back below 129.00. Credit Suisse economists They still believe that the pair could fall as low as 120.00.

The BOJ held firm this time

“The decision to keep the YCC intact, as well as the current JGB 10-year targets and trading bands unchanged, came as a disappointment to many in the market. But the JPY price action since the meeting is in line with our inclination to anticipate another wave of speculation that the YCC will end at the March meeting.”

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“Our view on USD/JPY in our Q1 outlook was to sell on rallies, with an initial target at 125.00 and a possible extension to 120.00 in high volume environments. We see no reason to change it, despite the fact that the BOJ held firm this time.”

Source: Fx Street

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