USD/JPY sets a near-term base above 107.64, immediate resistance seen at 107.88 – Credit Suisse

The USD/JPY has surpassed the 55-day average and price resistance at 107.62/64 and now is set to face initial resistance at 107.88 before the 200-day average at 108.37/43, the Credit Suisse analyst team briefs.

Key quotes

“The recovery in USD/JPY from just ahead of key support from the 105.98 May low has extended above the 55-day average and price resistance at 107.62/64. This sees a near-term change in our outlook as this sets a small base to turn the risks higher in the broader range.”

“Immediate resistance is seen at 107.88/96, above which we then see the 200-day average at 108.37/43. Whilst we would look for this latter area to cap at first, a break in due course should see resistance next at the ‘measured base objective’ at 108.84, with the top of the downtrend channel from late March seen at 109.25 today.”

“Support from the ‘neckline’ to the base at 107.46/35 ideally holds to keep the immediate risk higher. Below 106.80/79 though is needed to see the base neutralized for a retest of 106.08/105.98.”


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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News