Credit Suisse adopts a cautious bias on USD/JPY in the near-term.

"Our caution applies to USDJPY, which came close to our current range low expectation at 133.10 last Friday but has since bounced to close to our USDJPY 138.00 year-end target. The speed of the moves and reversals combined with extreme data sensitivity make this a treacherous environment," CS notes. 

"We see low odds of the 19-20 December BOJ meeting being a relevant factor for USDJPY, and continue to expect wider USD direction linked to Fed policy to dominate price action," CS adds.