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- USD/JPY to extend its correction lower on a close below the 55-DMA at 109.82 - Credit Suisse
USD/JPY to extend its correction lower on a close below the 55-DMA at 109.82 - Credit Suisse
FXStreet reports that the Credit Suisse analyst team notes that USD/JPY has completed a bearish “reversal day” from flagged resistance at 110.72/82. A close below the 55-day average at 109.82 would warn of a more protracted corrective phase.
“USDJPY has not only rejected key resistance from the back of the broken uptrend from January as well as price and retracement resistance at 110.72/82 but has completed a bearish “reversal day” in the process. This has seen the risk turn quickly lower again for a retest of key support from the 55-day average at 109.82.”
“A close below the 55-day average at 109.82 can open the door to a more protracted corrective phase lower with support then seen next at the recent low at 109.53.”
“Resistance moves to 110.20 initially, then 110.54.”
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