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Jul 22 - 09:55 AM

USD/JPY: The Trend Stays Sideways N-Term - Credit Suisse

By eFXdata  —  Jul 22 - 08:59 AM

Credit Suisse discusses USD/JPY technical outlook and adopts a neutral bias in the near-term.

"USD/JPY has seen a fresh and what looks more decisive rejection of a cluster of resistances centred on 107.42, including its 55-day average and the sharp move lower sees the market retesting price support from the lows of the past two weeks at 106.65. Beneath here can clear the way for a retest of what we view as more important support from the lows from May and June and “neckline” support at 106.14/105.98," CS notes. 

"Resistance is seen at 107.12 initially, then well layered from 107.38/42 through to 107.53/60, with the risk seen staying lower on balance whilst below here," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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