USD/JPY: Support at 110.10/00 to hold for an eventual break above 110.60/70 – Credit Suisse
|USD/JPY is set to hold support at 110.10/00 for an eventual sustained break above 110.70. Next is the long-term resistance starting at 111.66, economists at Credit Suisse report.
See – USD/JPY to simmer a push towards the 111.70/112.20 zone – Westpac
Scope for a near-term pullback
“With 10yr US bond yields having completed a base and expected to rise further, we maintain our view that weakness in USD/JPY is temporary and we look for the cross to continue to move in line with yields.”
“Key support is seen starting at 110.23 and stretching down to 110.10/00 – the 13-day exponential average, 55-day average and the 38.2% retracement of the August rally.”
“We look for the 110.10/00 region to hold for an eventual sustained move above 110.70 to open the door to a challenge on long-term resistance starting at the 111.66 July YTD high and stretching up to the 112.40 high of 2019.”
“Below 110.00 can see a deeper pullback to 109.70, potentially 109.41/24, but with buyers expected here.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.