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“.
“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.”
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.