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.