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Nov 19 - 12:55 PM

USD/JPY: A Clear And Sustained Break Below 104 To Open Ways Towards 101.59/18 - Credit Suisse

By eFXdata  —  Nov 19 - 11:00 AM

Credit Suisse discusses USD/JPY technical outlook and sees a scope for a move towards 101.59/18 on a sustained break below 104.

"The market now attempting to remove again the key 104.02/00 price pivot. We look for a clear and sustained break to reinforce thoughts of a more important downturn with support next at the early November low and potential trend support from late July at 103.20/05 and eventually more importantly at 101.59/18 – the March low for the year and further potential trend support," CS notes. 

"Resistance moves to 104.25 initially, with 104.57/63 now ideally capping to keep the immediate risk lower. Above can see a recovery back to 105.13/16, but with fresh sellers expected here," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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