More from Morgan Stanley: Short USD/JPY position with stop loss and take profit levels

Morgan Stanley short USD/JPY recommendation from 102.20

• Their stop loss is at stop at 103.20
• Profit target is 0.98

Their reasoning is:

• Expect any rise in US yields to have only a limited impact on USD/JPY, restricting upside potential
• A move back below the 102.10 level is now needed to trigger a renewed bearish signal, opening the way for a decline towards the 101.55 area (200 DMA) and then the 100.80 level
• The latest data from Japan have also been positive, with upward revisions to the 1Q GDP data, where consumer and business spending were higher.
• Consumer confidence for May was also better than expected