The USD / JPY remains bullish, targeting the June high at 109.85 June 2020, estimate Credit Suisse analysts, who see that area limiting rises and opening a consolidation period.
Key statements:
“We remain directly bullish for the June 2020 high, the 50% retracement of the entire 2016/2020 downtrend and 78.6% since last March’s dip at 109.76 / 92. With the daily momentum of the RSI already close to 90%, we are looking for this to be a difficult initial barrier and we are looking for a limit here for now. “
“If the force extends directly, this may cause the tone to remain directly bullish for the long-term downtrend as of October 2018, currently at 110.46, with long-term resistance at 111.68 / 72.”
“Support moves to 108.81 initially, below which the immediate bullish bias can be alleviated for a dip back to 108.28, with a margin of 108.10 / 02, which we hope will contain him for now ”.
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