USD/JPY: Support at 129.62/52 and eventually 127.53/27 – Credit Suisse

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USD/JPY has fallen sharply behind the US Non-Farm Payrolls. In the opinion of analysts Credit Suisserecent strength has only been corrective and remains bearish towards 127.53/27.

Resistance at 134.78/89 ready to limit advances

“USD/JPY’s rally last week was unable to hold above the recent high of 134.50. This reinforces the view that recent strength has only been corrective“.

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Below the 131.30 support, immediate risk should remain to the downside to retest the recent low of 129..62/52. A possible break below this area should clear the way to the downside. An eventual break below here should clear the way for a move towards our core target of 127.53/27 – the neckline of the multi-year base and 50% retracement of the 2020/2022 uptrend.”

“Resistance at 132.96 initially, then 133.24, with 134.78/89 as an area to limit further advances.”

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Source: Fx Street

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