Despite the recent retreat, the USD/JPY remains on the verge of forming a big long-term base. This would only be confirmed if the price rose beyond $112.40. If verified, a move to the next important resistance zone around 114.55 would be possible, according to the Credit Suisse analyst team.
“We expect a retest of major resistance at 111.66/112.40 – the YTD and critical highs from 2019 and 2019 and accompanying ‘neckline,’ as indicated by the USD/55-day JPY’s average and price support around 109.75/60.”
“Above 112.40, which remains our eventual leaning, a major base would be formed, clearing the door for a more prolonged advance higher, with resistance initially expected at 114.55.”/n
