Credit Suisse discusses USD/JPY technical outlook and sees a scope for a break lower through 134.27.

"We believe the market is vulnerable to breaking short -term support at 135.14/134.27. A close below here would warn of a deeper corrective setback, with support seen next at 133.21/15, then 132.18," CS notes. 

"With a multi -year “secular” base completed earlier this year in April - A secular change of trend for the JPY - we continue to view any weakness as corrective though and look for an eventual break above the recent and September 1998 high at 137.02/21. This would trigger further strength to 139.00/10 next and eventually our ultimate objective in the 147.62/153.01 zone," CS adds.