USDJPY remains capped beneath resistance from the 61.8% retracement at 109.47, notes Credit Suisse Techs.
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"We would allow for a consolidation phase here with a break higher needed to see the recovery extend for 109.90 at first, through which can target price and falling 55-day average resistance at 110.67/81 where fresh selling is expected to show.
Immediate support moves to 108.22, with a break below 107.77 needed to see scope for 107.04. Beneath the latter can then retest 106.43, ahead of a retest of a stronger support at 105.53/19," CS adds.
In line with this view, CS runs a limit order* to sell USD/JPY at 109.90, with a stop at 110.95, and a target at 105.90.