USD/JPY: 108.57 and 109.75 are key levels – Credit Suisse

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USD/JPY up 38 pips  to 109.16

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

“Below the 108.57 recent low though remains needed
to mark a confirmed break of the uptrend from January to raise the
prospect of further weakness within the broader sideways range with
resistance seen next at the May lows at 108.36/35.
Beneath this latter area though remains needed to warn of a top and a
more decisive turn lower with support seen next at 107.77, the 38.2%
retracement of the Q1 rally, with the April low at 107.48,” CS notes. 

“Above 109.07 can see a move back to the highs of last week at 109.29/34, with more important resistance remaining at 109.71/75.
Beyond this latter area remains needed to clear the way for strength
back to the late March high and potential downtrend from February 2020
at 110.81/97,” CS adds.

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