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USD/JPY: A Large Bullish Wedge Reversal In The Making Targeting 104.77 Ahead Of 105.93 – Credit Suisse

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What is the technical outlook for USD/JPY in the near-term?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses USD/JPY technical outlook and adopts a bullish bias in the near-term.

“We continue to look for the formation of a larger bullish “wedge” reversal with resistance seen at 104.37/47 next, then more important resistance from the top of the “wedge” at 104.59/77. Above here is needed to see a bull “wedge” finally confirmed to mark a more important reversal higher to open up a move to 105.68 next, with scope for the 200 -day average at 105.93,” CS notes.

“Support moves to 103.76 initially, with 103.61 now ideally holding to keep the immediate risk higher. Below can see a retreat back towards 102.94, but with fresh buyers expected ahead of here,” CS adds.

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