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- USD/JPY to enjoy considerable gains towards the 123 level – Credit Suisse
USD/JPY to enjoy considerable gains towards the 123 level – Credit Suisse
USD/JPY has climbed above 118.00 for the first time since January 2017. As the Credit Suisse analyst team notes, an important bullish continuation pattern reasserts the core uptrend for 118.61/66 and eventually near 123.00.
Support at 116.57/35 to hold
“USD/JPY has surged higher after breaking key resistance from the YTD highs and long-term downtrend from April 1990 at 116.35/60 for the completion of a bullish ‘ascending triangle’ continuation pattern. This reinforces the existing large base from last year and we maintain our long-held bullish outlook for a resumption of the core bull trend.”
“We see next resistance next at the 2018 highs at 118.61/66. Although a pullback from here should be allowed, we look for a clear break in due course with the ‘measured triangle objective’ at 119.20/22 and with our ultimate objective still at 122.90/123.00.”
“Support is seen at 117.29/24 initially, below which can see a pullback to the broken downtrend and ‘neckline’ to the ‘triangle’ at 116.57/35, but with this then ideally holding.”
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