USD/JPY break below 104 opens way to 101.59/18 – Credit Suisse

Credit Suisse technical analysts see a scope for a USD/JPY move towards 101.59/18 on a sustained break below 104.

“The market now attempting to remove again the key 104.02/00 price pivot. We
look for a clear and sustained break to reinforce thoughts of a more
important downturn with support next at the early November low and
potential trend support from late July at 103.20/05 and eventually more
importantly at 101.59/18 – the March low for the year and further potential trend support,” CS notes. 

“Resistance moves to 104.25 initially, with 104.57/63 now ideally
capping to keep the immediate risk lower. Above can see a recovery back
to 105.13/16, but with fresh sellers expected here,” CS adds.

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