Search ForexCrunch

What is the technical outlook for USD/JPY in the near-term?

Here is their view, courtesy of eFXdata:

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

“We continue to look for the formation of a larger bullish “wedge” reversal with resistance seen at 104.37/47 next, then more important resistance from the top of the “wedge” at 104.59/77.  Above here is needed to see a bull “wedge” finally confirmed to mark a more important reversal higher to open up a move to  105.68  next, with scope for the 200 -day average at  105.93,” CS notes.

“Support moves to 103.76 initially, with 103.61 now ideally holding to keep the immediate risk higher. Below can see a retreat back towards 102.94, but with fresh buyers expected ahead of 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.