USD/JPY: Break above the 125.86 high to open up substantial gains – Credit Suisse USDJPY Banks
ing a secular break higher and the formation of a potential multi-year base, economists at Credit Suisse report.“Despite high weekly and monthly RSI momentum, the immediate risk stays seen higher and a break above the 125.86 high would reinforce the view that we are seeing a secular break higher and the formation of a potential multi-year base. We would then see resistance next at the potential trendline/’neckline’ from the 2007 and 2015 highs at 127.33.
“Support is seen at 125.11 initially, then 124.82, with 124.08 ideally holding to see the immediate risk stay higher. Below can see a setback toward price support at 123.47, but with fresh buyers expected to be seen ahead of here.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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