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- USD/JPY: Break below 134.27 to trigger a short-term move lower – Credit Suisse
USD/JPY: Break below 134.27 to trigger a short-term move lower – Credit Suisse
USD/JPY looks disconnected from US Yields and may break short-term support at 134.28/24, prior to an eventual test of the 137.21 high of September 1998, economists at Credit Suisse report.
USD/JPY looks disconnected to the recent move lower in US yields
“USD/JPY is dramatically losing momentum in the short-term, with a large momentum divergence and cross lower in daily MACD, with the market also looking disconnected from the recent fall in US Bond Yields.”
“We believe the market is vulnerable to breaking short-term support at 135.14/134.27. A close below here would warn of a deeper corrective setback, with support seen next at 133.21/15, then 132.18.”
“With a multi-year ‘secular’ base completed earlier this year in April, we continue to view any weakness as corrective though and look for an eventual break above the recent and September 1998 high at 137.02/21. This would trigger further strength to 139.00/10 next and eventually our ultimate objective in the 147.62/153.01 zone.”
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