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- USD/JPY to grind higher and berak resistance at 111.93, then 112.18/40 - Credit Suisse
USD/JPY to grind higher and berak resistance at 111.93, then 112.18/40 - Credit Suisse
FXStreet reports that USD/JPY edged lower on Monday, but economists at Credit Suisse look for a closing break above key resistance at 110.97, which would increase the risk of a major base. First support is seen at 110.43, then 110.03.
“USD/JPY remains well supported above key support from the 13-day exponential average and uptrend from January at 110.45/03 and we continue to look for a sustained break higher. This should then expose long-term and more important resistance, starting at 111.93 and stretching up to the 112.40 high of 2019.”
“Support moves to the aforementioned 13-day exponential average at 110.45/43, which we look to hold. Below can see a move back to the uptrend at 110.03, but only below 109.72 would warn of a top for a fall back to 109.31/19.”
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