Market news
09.07.2021, 10:36

USD/JPY to find a floor at the 109.71 55-DMA - Credit Suisse

FXStreet reports that economists at Credit Suisse note that USD/JPY weakness has extended to the 55-day average and further price support at 109.72/60 and they look for a floor to be found here.

“USD/JPY has seen a further sharp sell-off following the completion of a top and break of its uptrend from January for a fall to our corrective objective of the 55-day average and late June low at 109.72/60. Our bias remains for a floor to be found here for a resumption of the broader uptrend.” 

“Resistance is seen at 110.38/42 initially, above which can see a move back to 110.82, but with a break above here needed to add weight to our basing story to reassert an upward bias again for strength back to 111.20 initially, then last Friday’s high at 111.66/72.” 

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