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

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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.

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