USD/JPY has completed a top below 108.41/33 to turn the risk lower, with support seen next at the 38.2% retracement of the Q1 rally and 55-day average at 107.82/77, with the “measured top objective” a lot lower at 106.05,as reported by the Credit Suisse analyst team.
USD/JPY has completed a top, turning the near-term risk lower
“We see support at the 38.2% retracement of the Q1 rally and 55-day average at 107.82/77, which we would look to hold at first. This though would be seen as a temporary hold ahead of a move to the uptrend from January at 107.56 next. Below this latter level should then further reinforce the change of trend lower with support seen next at 106.78 and with the ‘measured top objective’ seen a lot lower at 106.05.”
“Immediate resistance is seen at 108.30/32, then the ‘neckline’ to the top at 108.59/69, with 109.10 needing to cap to see the top and our now tactical bearish outlook maintained.”