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Jan 28 - 10:55 AM

USD/JPY: Above 104.40 Should Finally Confirm A Bull Wedge Reversal - Credit Suisse

By eFXdata  —  Jan 28 - 09:30 AM

Credit Suisse discusses USD/JPY technical outlook and flags a scope for further gains towards 105.68 over the coming weeks.

"Above 104.40 remains needed to confirm our suspicions of the past few weeks and a bull “wedge” established to mark a more important reversal. We would them look for a more sustained move higher to emerge to 104.75/77 initially, ahead of 105.13/17 and then likely the 200 -day average and November high at 105.65/68, which is expected to prove a tough initial barrier," CS notes. 

"Near -term support moves to 104.07/03, then 103.94, with 103.56 needing to hold to keep the immediate risk higher. Below 103.33/28 though remains needed to warn of a direct resumption of the broader downtrend back to the low at 102.59, with trend support from last July now at 102.32," CS adds/ 

Source:
Credit Suisse Research/Market Commentary

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