USD/JPY: Looking for an eventual break below 133.09 – Credit Suisse


USD/JPY is expected to see an eventual break below the 38.2% retracement of the 2021/2022 uptrend at 133.09 for support next at 130.40, then 127.47/27, economists at Credit Suisse report.

Break above 138.18 is needed to trigger a deeper recovery

“We look for a sustained break below the 200-day Moving Average at 135.66 for a retest of the recent low at 133.62, then the 38.2% retracement of the 2021/2022 uptrend at 133.09. Whilst a fresh hold here should be allowed for, we continue to look for an eventual close below here for the 130.40 August low, then the ‘neckline’ to the multi -year base at 127.47/27.” 

“Whilst resistance at 137.43 ideally caps, above 138.18 is needed to suggest a deeper recovery can emerge to test 139.90.”

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays defensive near 1.0700 amid USD strength, EU political jitters

EUR/USD stays defensive near 1.0700 amid USD strength, EU political jitters

EUR/USD is trading close to 1.0700, struggling to build on the previous bounce early Monday. European political uncertainty continues to undermine the Euro and cap the pair's upside. The US Dollar tracks the Treasury bond yields higher amid a cautious mood, weighing on the pair. 

EUR/USD News

GBP/USD remains pressured toward 1.2650 on firmer US Dollar

GBP/USD remains pressured toward 1.2650 on firmer US Dollar

GBP/USD is dropping toward 1.2650 in the European trading hours on Monday. The hawkish Fed expectations and a softer risk tone favor the US Dollar, exerting downward pressure on the pair. Fedspeak remains next in focus. 

GBP/USD News

Gold price attracts some sellers on hawkish Fed-inspired USD strength

Gold price attracts some sellers on hawkish Fed-inspired USD strength

Gold price (XAU/USD) meets with a fresh supply during the early European trading hours and erodes a part of Friday's positive move in the wake of the Federal Reserve's (Fed) hawkish surprise.

Gold News

Bitcoin retesting its major resistance level

Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

Read more

Weekend digest and a quiet start to the week

Weekend digest and a quiet start to the week

It will be a quiet start to the week on the data front. From Sweden, we get the Riksbank's Business Survey. Overnight, the RBA is widely expected to leave monetary policy unchanged. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures