The USD / JPY broke support from the 23.6% retracement of the first quarter rally at 108.99, which sees it exposing more important support at 108.55 / 33, which if it yields, would point to a highs being set, say the economists of Credit Suisse.
Key statements:
“USD / JPY weakness has extended further for a break of 108.99. This is seen by exposing what we see as a most important support at 108.55 / 33, key lows in March and neckline support. While we would look for an attempt to hold it here, a break in place would not see a full stop to mark a more important turn down. Next, we would see support in the 38.2% retracement of the first quarter rally at 107.82 / 77, and the 55-day average currently at 107.54, which we would seek to hold initially. “
“Resistance moves to 109.33 initially, then to 109.57, with immediate risk seen for further declines as long as it remains below here. Advance over 109.95 / 97 is still necessary to see a new low set and force to go back to 110.15 initially, then 110.57 / 75 “.
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