More USD/JPY upside coming, Credit Suisse says

More USD/JPY upside coming, Credit Suisse says

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

“USDJPY strength has stalled a little near term but with the long – term downtrend from October 2018 broken with ease the trend is seen staying directly higher for a test of long -term resistance, seen starting at the 111.68/72 March 2020 high and stretching up to the 112.40 high of 2019, also the 61.8% retracement of the 2016/2020 bear trend,” CS notes.

“Support moves to 110.57 initially, then 110.43, with 110.27 needed to ease the immediate upside bias for a fall back to 109.85/75, but with fresh buyers expected here,” CS adds.

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