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Jan 15 - 02:55 PM

USD/JPY: A Bullish Wedge Reversal In The Making; Above 104.77 To Confirm - Credit Suisse

By eFXdata  —  Jan 15 - 01:30 PM

Credit Suisse discusses USD/JPY technical outlook and sees a scope for a move towards 104.77 ahead of 105.86.

"We remain of the view we may be witnessing the construction of a bullish falling “wedge” reversal. Only above 104.77 would see this confirmed though to mark a more important reversal higher to open up a move to 105.68 next, then likely the 200 -day average at 105.86, which we would expect to cap at first," CS notes. 

"Support moves to 103.52/45 initially, then 103.28. Below this latter level would now lessen thoughts of a “wedge” and instead warn of a direct resumption of the downtrend back to the lows and trend support from last July at 102.59/47. Key resistance is seen at the downtrend," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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