USD/JPY: Likely to fall aggressively – Credit Suisse
Strategists at Credit Suisse analyze the USD/JPY pair, which is trading at 107.135, from a technical perspective.
“USD/JPY has broken below major long term support at 104.55/46, the bottom of the range for the past two years, after an aggressive fall over the past two weeks.”
“The break below this level completes a large multi-year bear ‘triangle’, which suggests we are likely to see further weakness.”
“Next supports are seen at 100.75/71, which is the 50% retracement of the 2011/2015 move, then more importantly at 100.10/00, a corrective low and psychological barrier, before 99.01.”