He USD/JPY seems to be staging a more decisive rejection of the 137.10/137.40 recovery target. Credit Suisse economists they expect the general bearish trend to reaffirm.
Weekly close above 137.51 would open the door to resistance at 139.54/139.59.
“He USD/JPY seems to have finally seen a more decisive rejection from our recovery target of the 200-day SMA and the 38.2% retracement of the 2022/2023 dip at 136.67/137.40 and we continue to wait for the broader downtrend to reassert.”
“Needed a close below the 55-day SMA at 132.50 to add weight to our view of a drop to support in 129.80 and, finally, to the minima of 127.53/127.23 again.”
“A weekly close above 137.51 would suggest a larger low has been set in January and that the strength may extend further, with resistance next at the 50% retracement of the decline since October in 139.54/139.59.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
