USD/JPY: At risk of a deeper corrective recovery to 136.67/86 – Credit Suisse USDJPY Banks
closed the third straight in positive territory on Wednesday. Analysts at Credit Suisse expect the pair to stage a race higher on a weekly close above the 133.06 resistance.“Key resistance from the 55-Day Moving Average looks to be breaking. Above 133.06 on a weekly closing basis should mark a conclusive break, with resistance then seen next at 134.78 ahead of now we think the 38.2% retracement of the 2022/2023 fall and 200-DMA at 136.67/86.
“Below 129.80 is needed to reassert a downward bias for a retest of 127.53/23. An eventual break below here can see support next at 126.36 ahead of the 61.8% retracement of the 2021/2022 uptrend at 121.44.”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.
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