Home USD/JPY: A Bullish Wedge Reversal In The Making; Above 104.77 To Confirm – Credit Suisse
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USD/JPY: A Bullish Wedge Reversal In The Making; Above 104.77 To Confirm – Credit Suisse

What is the technical outlook for USD/JPY?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses USD/JPY technical outlook and sees a scope for a move towards 104.77 ahead of 105.86.

We remain of the view we may be witnessing the construction of a bullish falling “wedge” reversal. Only above 104.77 would see this confirmed though to mark a more important reversal higher to open up a move to 105.68 next, then likely the 200 -day average at 105.86, which we would expect to cap at first,” CS notes.

“Support moves to 103.52/45 initially, then 103.28. Below this latter level would now lessen thoughts of a “wedge” and instead warn of a direct resumption of the downtrend back to the lows and trend support from last July at 102.59/47. Key resistance is seen at the downtrend,” CS adds.

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Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.