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May 06 - 12:55 PM

USD/JPY: Above 109.97 To Confirm Upside For 110.97 - Credit Suisse

By eFXdata  —  May 06 - 10:45 AM

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

"With daily MACD momentum turning back into outright bullish territory, our immediate bias remains high. We look for further strength to the recent highs at 109.71/78, then more importantly the corrective highs at 109.95/97. Above here would reinforce our upside bias further and open up strength back to the 110.83/97 late March high and potential downtrend," CS notes. 

"Support is seen at 109.05/02 initially then the recent low and 13 - day exponential average 108.90, which we now look to try and hold. We shall though maintain an immediate tactical bullish bias whilst above the 55 -day average and price support at 108.50/43," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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