USD/JPY strategy from Credit Suisse
Credit Suisse discusses USD/JPY technical outlook and maintains a tactical bullish bias in the near-term.
"We look for a clear move above the 110.97 YTD high and this should then expose long -term and more important resistance, starting at 111.93 and stretching up to the 112.40 high of 2019. Whilst we would expect a cap in this zone at first, we are biased to a break higher in due course, which would then see a much more significant base established to mark a more important turn higher and a move to 114.00 next," CS notes.
"Support remains at the 13 -day exponential average at 110.36 continuing to ideally hold. Below can see a move back to the uptrend at 109.95, but only below 109.71 though would warn of a top for a fall back to 109.31/19," CS adds.
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