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Jan 19 - 12:55 PM

USD/JPY: Make Of Break At 104.40 - Credit Suisse

By eFXdata  —  Jan 19 - 10:45 AM

Credit Suisse discusses USD/JPY technical outlook and highlights the importance of the 104.40.

"USDJPY extends its consolidation after being capped for now as expected at a cluster of major resistances at its downtrend from last March at 104.20 and then recent high at 104.40. However, we remain of the view we may be witnessing the construction of a bullish falling “wedge” reversal,' CS notes. 

"Above 104.40 is now needed to see this confirmed to mark a more important reversal higher to open up a move to 104.75/77 initially, ahead of 105.13/17 and then likely the 200 -day average and November high at 105.68/79, which we would expect to cap at first," CS adds. 

 

Source:
Credit Suisse Research/Market Commentary

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