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Feb 12 - 01:24 AM

USD/JPY: Consolidation; Tactically Neutral - Credit Suisse

By eFXdata  —  Feb 11 - 01:30 PM

Credit Suisse discusses USD/JPY technical outlook and adopts a neutral bias.

"USDJPY is consolidating in line with our bias for further churning within the broad range with the next resistance thereafter seen at 110.03 initially, before the 110.29 high, which we believe is likely to prove a tough barrier.

Above here though would reassert the upmove, with the next resistances seen at 110.68/71, the 78.6% retracement of the 2019 fall, 61.8% retracement of the entire 2018/19 fall and a corrective price high," CS notes. 

"We believe this zone is likely to prove a tough barrier if reached. As above, short term support stays at 109.30/27, the recent intraday breakout point, which now ideally holds to keep the risks leaning modestly higher within the range," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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