From Barclays technical analysis on the USD/JPY move under range lows near Y118.85 …
- the “risk is a squeeze lower in range towards Y117.55, possibly Y116.70 before buyers resume”
- After that, would “prefer to buy dips in line with our greater bullish view and look for a move above Y120.85 to confirm a re-test of Y121.85, the 2014 highs and further upside towards our targets near Y124.15, the 2007 range highs”
