USD / JPY continues to hold the 55-day key average and uptrend support of 109.29 / 19, Credit Suisse analysts note. They are looking for the pair to make a bottom at that level allowing a sustained move above 109.64, which is necessary to confirm a short-term base for a move back to 110.77 / 97.
Key statements:
“The USD / JPY continues to defend key support from its 55-day average and early January uptrend at 109.29 / 19 and we continue to seek a bottom here., in line with 10-year US bond yields that also find a bottom at their key resistance of 1.50 / 475%. “
“A sustained break above the short-term resistance at 109.64 is still necessary to confirm that there is a short-term basis to relieve immediate pressure from this support for the force to return to 109.96 initially before 110.12 and then 110.29 / 35. “
“Beyond this last area, it is necessary to reaffirm the uptrend of 110.77 / 97”.
“Below 109.29 / 19 would see an established ceiling to warn of a more significant bearish reversal with support below seen at late May highs at 108.57 “.
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