- Analytics
- News and Tools
- Market News
- USD/JPY: Risk-off is expected to see the yen strengthen further – Credit Suisse
USD/JPY: Risk-off is expected to see the yen strengthen further – Credit Suisse
USD/JPY stays under bearish pressure with the yen finding demand as a traditional safe haven. Economists at Credit Suisse look for further weakness with support seen at 113.58/48, then 113.15.
Resistance moves to 114.55
“Further sharp weakness in equity markets continue to see the yen strengthen on a broad basis and this leaves the spotlight for USD/JPY back on the recent low and 38.2% retracement of the rally from September at 113.58/48. Below here can see weakness extend to test the December lows, seen starting at 113.15 and stretching down to 112.56/54, with a better floor looked for here.”
“Should weakness extend this would warn of further weakness to the potential uptrend from January 2021, currently seen at 112.20, with the key long-term 200-day average now at 111.48.”
“Resistance is seen at 113.96 initially, then 114.22, with the immediate risk seen lower whilst below 114.55. Above can raise the prospect of further choppy ranging for strength back to 115.05/06, but with a break above here needed to mark a near-term base.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
