USD/JPY: Support is seen at 129.62/52 and eventually 127.53/27 – Credit Suisse
|USD/JPY has fallen sharply post US payrolls. In the view of analysts at Credit Suisse, the recent strength has been corrective only and stay bearish for 127.53/27.
Resistance at 134.78/89 set to cap
“The recovery in USD/JPY last week was unable to hold above the 134.50 recent high. This adds weight to the core view recent strength has been corrective only.”
“Below support at 131.30 should see the immediate risk stay lower for a retest of the 129.62/52 recent low. An eventual break below here should clear the way for a move to our 127.53/27 core objective – the ‘neckline’ to the multi-year base and 50% retracement of the 2020/2022 uptrend.”
“Resistance is seen at 132.96 initially, then 133.24, with 134.78/89 expected to remain a major cap.”
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.