The USD/JPY continue your bounce. Credit Suisse economists they expect the pair to extend its bounce to the 13-day EMA at 142.18/20.
Support at 139.63 and then at 138.63
“We see room for a deeper rally, although we continue to maintain our broader negative outlook. Resistance lies at the 13-day EMA at 142.18/20, which we are looking to limit to close. Above we may see a deeper rally to the 38.2% retracement of Oct/Nov drop at 143.12/17, but expect new sellers here.”
“Below 139.63 is needed to ease immediate bullish bias. Overall, we expect a sustained move below 138.63 for a drop to 137.09 and eventually what we expect to be much better support at the 200-MA in 133.48.”
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.
