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14:23:26 05-12-2022

USD/JPY: Support at 133.09 to hold temporarily Credit Suisse

USD/JPY lost nearly 500 pips last week. Analysts at Credit Suisse continue to look for the 38.2% retracement of the 2021/2022 uptrend at 133.09 to hold for a consolidation phase, albeit now only a temporary one.

Initial resistance seen at 135.97/136.02

USD/JPY has seen a further sharp fall for a break of its long-term 200-Day Average (currently at 134.62) for a move to just shy of our lower target of the 38.2% retracement of the 2021/2022 uptrend at 133.09. We continue to look for a floor in this (broad) 134.62 /133.09 zone for now for the unfolding of a consolidation phase.

Big picture, we now look for an eventual close below 133.09 to clear the way for further weakness to the 130.40 August low next, then the 50% retracement and neckline to the multi-year base at 127.47/27. 

Resistance is seen at 135.57 initially, with a break above 135.97/136.02 needed to clear the way for a recovery back to 137.50, potentially the 13 DMA at 138.14/18.

 

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