USD/JPY continues to hold key 55-day average and uptrend support at 109.29/19. Economists at Credit Suisse to look for a floor here with a sustained move above 109.64 needed to confirm a near-term base for a move back to 110.77/97, in line with an expected rise in yields.
USD/JPY to find floor above uptrend and 55-day average support at 109.29/19
“USD/JPY continues to defend key support from its 55-day average and uptrend from early January at 109.29/19 and we continue to look for a floor to be found here in line with 10yr US Bond yields also finding a floor at its key resistance at 1.50/475%.”
“A sustained break above near-term resistance at 109.64 remains needed to confirm a near-term base is in place to ease the immediate pressure off this support for strength back to 109.96 initially ahead of 110.12 and then the 110.29/35 ‘reversal day’ highs. Beyond this latter area is needed to reassert the bull trend for 110.77/97.”
“Below 109.29/19 would see a top established to warn of a more significant reversal lower with support then seen next at the late May highs at 108.57.”
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.