#USDJPY @ 148.834 to see a significant top at the 149.31/150.00 psychological resistance – Credit Suisse
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USD/JPY is consolidating at the highest level in 32 years near 149. Economists at Credit Suisse look for a top at the 149.31/150.00 resistance zone.
“Our ‘ideal’ roadmap would be for a test of trend channel, gap and psychological resistance at 149.31/150.00, but our base case remains to look for a potentially significant top here. Below support at 143.53 is needed to add weight to our view, with a break below the late September low and 55-day average at 140.40/35 needed to suggest we have indeed seen a more important top.”
“A break and sustained close above 153.00 would suggest it is too early to look for a top, exposing then resistance next at the 160.33 high of 1990.”
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