USD/JPY: Looking for a clear break above 110.97 targeting 111.93 – Credit Suisse

News

USD/JPY strategy from Credit Suisse

Credit Suisse discusses USD/JPY technical outlook and maintains a tactical bullish bias in the near-term.

We look for a clear move above the 110.97 YTD high and this
should then expose long -term and more important resistance, starting at
111.93 and stretching up to the 112.40 high of 2019
. Whilst we
would expect a cap in this zone at first, we are biased to a break
higher in due course, which would then see a much more significant base
established to mark a more important turn higher and a move to 114.00
next,” CS notes. 

Support remains at the 13 -day exponential average at 110.36
continuing to ideally hold. Below can see a move back to the uptrend at
109.95, but only below 109.71 though would warn of a top for a fall
back to 109.31/19,” CS adds.

For bank trade ideas, check out eFX Plus.

Invest in yourself. See our forex education hub.

Articles You May Like

Transitory inflation talk is back. But economists say higher prices are here to stay
Oil jumps on hopes for easing of China’s COVID controls
South Korea issues arrest warrant for Do Kwon’s former colleagues
Trade ideas thread – Tuesday, 29 November 2022
I Turned $10 into $15,000 using Banned Forex Trading Strategy | Fundamental Pip Lord