Above 109.95/97, the USD/JPY pair should clear the way for a move back to the 110.83/97 late March high and potential downtrend, the Credit Suisse analyst team reports.
Support remains at 108.50/4
“USD/JPY maintains its break above resistance at 109.10 and with the market having previously stabilized above the 38.2% retracement of the Q1 rally at 107.77 and with daily MACD momentum turning back into outright bullish territory, our immediate bias remains high.”
“We look for further strength to the recent highs at 109.71/78, then more importantly the corrective highs at 109.95/97. Above here would reinforce our upside bias further and open up strength back to the 110.83/97 late March high and potential downtrend.”
“Support is seen at 109.05/02 initially then the recent low and 13-day exponential average 108.90, which we now look to try and hold. We shall though maintain an immediate tactical bullish bias whilst above the 55-day average and price support at 108.50/43.”
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