USD/JPY: A Clear And Sustained Break Below 104 To Open Ways Towards 101.59/18 – Credit Suisse

0

What is the 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 101.59/18 on a sustained break below 104.

“The market now attempting to remove again the key 104.02/00 price pivot. We look for a clear and sustained break to reinforce thoughts of a more important downturn with support next at the early November low and potential trend support from late July at 103.20/05 and eventually more importantly at 101.59/18 – the March low for the year and further potential trend support,” CS notes.

“Resistance moves to 104.25 initially, with 104.57/63 now ideally capping to keep the immediate risk lower. Above can see a recovery back to 105.13/16, but with fresh sellers expected here,” CS adds.

For lots more FX trades from major banks, sign up to eFXplus .
By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.
Get the 5 most predictable currency pairs

About Author

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.