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- USD/JPY to find a floor at 104.40/26 for a retest of 105.56 – Credit Suisse
USD/JPY to find a floor at 104.40/26 for a retest of 105.56 – Credit Suisse
FXStreet reports that Credit Suisse analysts discuss USD/JPY prospects.
“USD/JPY continues its retreat following the completion of a minor top below 105.33 and this leaves the market approaching what we look to be better support at the near-term uptrend from early January and early January high at 104.40/26. Our bias remains to look for a fresh floor here for an attempt to turn higher again.”
“Resistance is seen at 104.85 initially, above which should see a move back to 105.33 and then the 200-day average at 105.56. A close above here and then 105.77 is needed to reassert the recovery for the “measured wedge objective” at 106.95/107.05.”
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