USD/JPY looks set for an incredibly volatile session. However, the market is still holding key support at 139.40 and analysts at Credit Suisse stay biased higher for now.
Scope for a pause
“USDJPY looks set for an aggressive bearish ‘outside day’ following the BoJ’s intervention after the market tried to push above psychological resistance at 145.00, which is becoming an increasingly important line in the sand.”
“We may see a short-term period of consolidation, however, we stay biased higher over the medium-term, with next resistance seen at confirmed trend resistance from late April at 146.80. Thereafter, our core objective remains at 147.62/153.01 – the 1998 high and 38.2% retracement of the entire 1982/2011 bear trend. It is here we would be alert to a potentially important top.”
“Key support stays at 139.42/40, which we expect to hold to keep the risks skewed directly higher.”
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.