USD / JPY strength has been limited to the neckline around 105.10 and the bias remains to the downside, with the potential for an eventual test to the September low in the 104.00 area, according to Credit Suisse’s team of analysts.
Key statements:
“USD / JPY strength has been limited to the ‘neckline’ at its upper level and 13-day average at 105.03 / 10 and with the downtrend from early July still intact, the overall risk remains bearish.”
Support is initially seen at 104.65, then the uptrend at 104.53 / 47. Down here should see a move to 104.34 and then the “measured upper target” and the September low of 104.00. While we would again expect buyers to show up here, a breakout would suggest we are seeing a more significant downside turn with support seen below at the 78.6% retracement of the 103.43 bull move. ”
“Above 105.03 / 10 a deeper bounce is warned with resistance approaching at 105.17 / 19, then 105.33, but with risk pointing lower as long as it remains below 105.65 / 75“.
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Credits: Forex Street
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