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Aug 03 - 09:55 AM

USD/JPY: Lowering Q3 Range Target To 128-140 But Remains A Buy In Dips N-Term - Credit Suisse

By eFXdata  —  Aug 03 - 08:37 AM

Credit Suisse discusses USD/JPY outlook in light of lowering its Q3 range target from 128-145 to 128-140. 

"We have long had an ultimate target at USDJPY 142, but noted in our Q3 outlook that the high implied volatility meant investors needed to be willing to accept a range as wide as 128-145. The fact that the retracement lower has gone hand-in-hand with much lower implied volatility suggests to us that Jul highs near 139.40 will likely be a tough level to breach," CS notes. 

"As such we edge lower our USDJPY range expectation to 128-140 for the remainder of Q3, but continue to see it as a buy on dips as 130 approaches with a hard stop at the low end of the range," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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