13 Oct 2014
Credit Suisse: Further weakness expected in USD/JPY - eFXnews
FXStreet (Łódź) - The eFXnews team remark that Credit Suisse note the continued fall of USD/JPY, which broke below price support at 107.48/4.
Key quotes
"With a broader 'risk off' phase potentially underway, a break lower can target 106.81/55 – the 38.2% retracement of the May/October 2014 rise – which we would expect to offer a better support. Below can see a move to the 105.48 January high."
"Near-term resistance moves to 108.32, then 108.75/77, followed by 109.24."
"Above 109.51 is needed to see a retest of the October peak at 110.09."
"Above can then trigger a move higher towards our target and what we deem as tougher resistance at 110.60/111.60."
"CS runs a long USD/JPY from 107.50 targeting 110.60."
'This content has been provided under specific arrangement with eFXnews.'
Key quotes
"With a broader 'risk off' phase potentially underway, a break lower can target 106.81/55 – the 38.2% retracement of the May/October 2014 rise – which we would expect to offer a better support. Below can see a move to the 105.48 January high."
"Near-term resistance moves to 108.32, then 108.75/77, followed by 109.24."
"Above 109.51 is needed to see a retest of the October peak at 110.09."
"Above can then trigger a move higher towards our target and what we deem as tougher resistance at 110.60/111.60."
"CS runs a long USD/JPY from 107.50 targeting 110.60."
'This content has been provided under specific arrangement with eFXnews.'