USD / JPY easily broke above its October 2018 downtrend and analysts at Credit Suisse remain bullish optimistic. They see strong resistance between 111.68 and 112.40.
Key statements:
“A dramatic rise has seen USD / JPY easily break out of its long-term downtrend since October 2018 and the trend is seen to hold straight up for a test of long-term resistance, seen from the high of March 2020 at 111.68 / 72 which extends to the 2019 maximum at 112.40, also the 61.8% retracement of the 2016/2020 downtrend ”.
“We are looking for the 112.40 level to finally limit the rises and for a consolidation / correction phase to emerge. If the force, on the other hand, extends directly, we see the next resistance at 114.00 / 05 ”.
“Support moves to 110.73 initially, then 110.56, with a pullback below 110.27 needed to ease the immediate bullish bias for a drop back to 109.85 / 75, but new buyers are expected here.”
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