#USDJPY @ 131.416 to retest 127.53/23 YTD low later in Q2 amid “bearish” triangle pattern – Credit Suisse
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
USD/JPY has extended its recovery. Nevertheless, economists at Credit Suisse view the current price action as a potential bearish “triangle” continuation pattern and they continue to look for the range to be eventually resolved lower.
“We now look for further near-term strength in what is looking like the early stage of a potential ‘triangle’ continuation pattern. Resistance is seen next at 135.12, with tougher resistance expected at 136.67/137.30, which we look to cap.”
“Big picture, if we are correct and we are seeing the formation of a bearish ‘triangle’ this would suggest we should see an eventual break below 129.64 later in Q2 for a retest of the 127.53/23 YTD low and 50% retracement of the 2021/2022 uptrend. Whilst a fresh hold here should be allowed for, we look for an eventual break for a fall to support next at the 61.8% retracement at 121.44. We would also expect such a fall to be in line with a broader market ‘risk off’ phase.”
[/s2If]
Join Our Telegram Group
