USD/JPY up 38 pips to 109.16

USD/JPY up 38 pips  to 109.16

Credit Suisse discusses USD/JPY technical outlook and adopts a neutral bias in the near-term.

"Below the 108.57 recent low though remains needed to mark a confirmed break of the uptrend from January to raise the prospect of further weakness within the broader sideways range with resistance seen next at the May lows at 108.36/35. Beneath this latter area though remains needed to warn of a top and a more decisive turn lower with support seen next at 107.77, the 38.2% retracement of the Q1 rally, with the April low at 107.48," CS notes.

"Above 109.07 can see a move back to the highs of last week at 109.29/34, with more important resistance remaining at 109.71/75. Beyond this latter area remains needed to clear the way for strength back to the late March high and potential downtrend from February 2020 at 110.81/97," CS adds.

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