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Aug 13 - 09:55 AM

USD/JPY: Fresh Sellers To Emerge Around 107.01-06 - Credit Suisse

By eFXdata  —  Aug 13 - 08:44 AM

Credit Suisse discusses USD/JPY technical outlook and sees a scope for fresh sellers to emerge around the cluster of resistance around 107.01-06.

"USDJPY has removed resistance at 106.35 as suspected - the 38.2% retracement of the fall from early June - reinforcing the recent bullish “reversal day” to clear the way for a deeper recovery within the broader range with resistance next at the falling 55-day average and 38.2% retracement of the entire fall from March at 107.01/06, where we would then expect fresh sellers to show. Should strength directly extend we see resistance next at the late July high at 107.53, then the 50% retracement at 107.95," CS notes. 

"Support is seen at 106.43 initially, then 106.25/20, which we look to try and hold. Below 105.94 though is needed to ease the immediate upside bias with support then seen next at 105.70, with a break here needed for a retest of 105.33/27," CS adds.

Source:
Credit Suisse Research/Market Commentary

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