USD/JPY to find a major floor at 127.47/27 – Credit Suisse USDJPY Banks
“Whilst a near-term consolidation phase should be allowed for, resistance at 138.14/18 is expected to cap and strength, if seen, will be seen as temporary and our broader outlook stays negative for further weakness in Q1 back to 129.62, then our core target of the ‘neckline’ to the multi-year base and 50% retracement of the 2020/2022 uptrend at 127.47/27. We would then look for a potentially major floor here.
“Should weakness directly extend below 127.27/126.36 we would see support next at the 61.8% retracement at 121.44.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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