Credit Suisse discusses USD/JPY technical outlook and highlights the importance of the 107.15 level for near-term directional bias.
"With the 50% retracement of the entire fall from March not far above at 107.15, we continue to look for this to then ideally cap for now for a fresh phase of consolidation. Above 107.15 though can see the risk stay directly higher with resistance seen next at 107.53 and eventually 108.17/23 – the 61.8% retracement and July 2020 high," CS notes.
"Support moves higher to 106.36 initially, then 106.21, with 105.85/82 needing to hold to keep the immediate risk higher. Below can ease the immediate upside bias for a fall back to the 200 -day at 105.54/46," CS adds.