Analysts at Credit Suisse are bucking the conventional wisdom and the crowd by initiating a USD/JPY short.

They entered the position today at 119.35 and they’re looking for a quick fall to below the 55-day moving average and to 116.80 with a stop at 119.85.

USDJPY with the main moving averages

USDJPY with the21, 55, 100 and 200-day moving averages