FXStreet reports that economists at Credit Suisse expect the USD/JPY to hit the 123.00 level in the long run.
“USD/JPY extends its pullback following its move to price and retracement resistance at 114.73/92 but with a major base in place above 112.40 we maintain our view this is a temporary and healthy setback only.”
“We look for a move above 114.92 in due course for a test of the long-term downtrend from April 1990, currently at 117.07. It’s worth reiterating though the ‘measured base objective’ is significantly above here at 122.90/123.00, however this is very much a longer term objective.”