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.