Currency analysts at Credit Suisse say to buy USD/JPY
The technical analysis team at Credit Suisse recommends buying USD/JPY for a break of the triangle/wedge that's formed in the pair.
USD/JPY is lower by 44 pips to 118.69 today but they believe it will crack the top of the pattern at 119.14/25 and continue higher.
Credit Suisse targets a restart of the uptrend with initial resistance at 120.83 and 121.86 but they recommend buying at 118.50 with a target of 125.50. They aim to scale in here and add at 119.25 on the break and with a stop at 117.50.
I like the trade in general although I would prefer to keep it small until the break.
Credit Suisse also recommends buying GBP/JPY at 179.60 with a target of 189.50 and a stop at 177.60.