What is the technical outlook for USD/JPY over the coming weeks?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses USD/JPY technical outlook and flags a scope for further gains towards 105.68 over the coming weeks.
“Above 104.40 remains needed to confirm our suspicions of the past few weeks and a bull “wedge” established to mark a more important reversal. We would then look for a more sustained move higher to emerge to 104.75/77 initially, ahead of 105.13/17 and then likely the 200 -day average and November high at 105.65/68, which is expected to prove a tough initial barrier,” CS notes.
“Near-term support moves to 104.07/03, then 103.94, with 103.56 needing to hold to keep the immediate risk higher. Below 103.33/28 though remains needed to warn of a direct resumption of the broader downtrend back to the low at 102.59, with trend support from last July now at 102.32,” CS adds.
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