EUR/JPY: After its 300-pip gain on pair last week, CS persists with a new sell recommendation

This week, Credit Suisse recommends, as it did last week, that traders sell the EUR/JPY as the best trading idea of the week. For the record, last week CS had cashed in over 300 pips in less than 3 days on the decline of the EUR/JPY:

"Our economists expect several European reports to prove disappointing this week. We also expect the market to realise that there is only a small chance of policy coordination for the G20 summit, and this should support demand for the JPY.

Our technical analysts are also bearish on the EUR/JPY, with a target at 121.94/90.

We therefore maintain our sales recommendation via a limit order at 126.40, with a stop at 127.45, and a take profit at 122.05."