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Credit Suisse: Further weakness expected in USD/JPY - eFXnews

FXStreet (Łódź) - The eFXnews team remark that Credit Suisse note the continued fall of USD/JPY, which broke below price support at 107.48/4.

Key quotes

"With a broader 'risk off' phase potentially underway, a break lower can target 106.81/55 – the 38.2% retracement of the May/October 2014 rise – which we would expect to offer a better support. Below can see a move to the 105.48 January high."

"Near-term resistance moves to 108.32, then 108.75/77, followed by 109.24."

"Above 109.51 is needed to see a retest of the October peak at 110.09."

"Above can then trigger a move higher towards our target and what we deem as tougher resistance at 110.60/111.60."

"CS runs a long USD/JPY from 107.50 targeting 110.60."

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