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Aug 07 - 12:55 PM

Credit Suisse: Bullish Outlook on USD/JPY with a Target at 148.57

By eFXdata  —  Aug 07 - 10:45 AM

Credit Suisse has expressed a bullish outlook on the USD/JPY currency pair, aiming for a retest and eventual break above 145.07/12 to reach the "measured base objective" at 148.57.

Here's a summary of their analysis:

  1. Recent Peak and Pullback: The USD/JPY strength peaked at 143.89 last week, followed by a steady setback. However, this pullback has so far been contained above the rising 55-day average, currently at 141.18.

  2. Bullish Expectations: Credit Suisse remains bullish on the pair, expecting the 55-day average to ideally hold on a closing basis. A break above 142.84/89 would pave the way for strength back to 143.89 and then a retest of 145.07/12.

  3. Longer-Term Target: While they allow for the possibility of a fresh rejection from the 145.07/12 level, the bank's stance remains bullish for an eventual break of this level, targeting the 148.57 mark.

  4. Potential Downside Risk: Should the pair close below 141.18, Credit Suisse warns of further and potentially lengthy sideways ranging. Support is seen next at 140.70, with more substantial support starting at 138.26/07.

Conclusion: Credit Suisse's analysis of USD/JPY is primarily bullish, eyeing a retest and eventual break above 145.07/12. The bank's analysis identifies key levels and includes caution regarding potential downside risks, providing a comprehensive view for traders and investors considering this currency pair.

Credit Suisse Research/Market Commentary


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