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- USD/JPY may reach the 123.00 level late in 2022 – Credit Suisse
USD/JPY may reach the 123.00 level late in 2022 – Credit Suisse
Economists at Credit Suisse still see significant upside potential for USD/JPY after the completion of a major base above the 2019 and 2020 highs at 112.23/40. A further boost to the pair is also expected if US Bond Yields rise.
Rising US Yields should support broad-based USD strength
“We maintain our bullish outlook and look for the current range to be resolved higher, ideally early in Q1 2022 for a fresh leg higher to challenge its long-term downtrend from April 1990, now at 116.85.”
“Whilst we would be alert to a fresh phase of consolidation at 116.85 we look for a conclusive break later in the year, with resistance seen next at the 118.61/66 highs of December 2016 and with the ‘measured base objective’ ultimately at 122.90/123.00.”
“Rising US Bond Yields should also support the case for further USD/JPY strength as we continue to see a positively correlated relationship.”
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