The USD/JPY pair is stabilizing as expected at its near-term uptrend at 104.40 and analysts at Credit Suisse continue to look for a floor here for a retest of the 200-day average at 105.55.
Key quotes
“USD/JPY looks to be stabilizing as expected just ahead of what we look to be better support at the near-term uptrend from early January and early January high at 104.40/26. Our bias remains to look for a fresh floor here for an attempt to turn higher again.”
“Resistance moves to 104.93 initially, above which should see a move back to 105.33 and then the 200-day average at 105.55. A close above here and then 105.77 is needed to reassert the recovery for the ‘measured wedge objective’ at 106.95/107.05.”
“Below 104.26 can see weakness extend to the 55-day average at 103.99/94, but with fresh buyers again looked for here. A close below though would warn of a more serious turn lower to test 103.64/56, potentially 103.33.”
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