USD/JPY: Back into its triangle range – Credit Suisse

USD/JPY remains in a volatile range, with the market now hovering at the upper end of its ‘triangle’ range, leaving our neutral outlook unchanged, economists at Credit Suisse brief.

Key quotes

“Resistance moves initially to the current 2020 and 2019 highs at 112.23/40, which should be a tougher barrier to break.” 

“A break above here though would suggest further strength, with next resistance then seen at the December 2018 high at 113.71, with scope for the 2018 high at 114.55, which would cap if reached.”

“Support moves initially to 108.43, below which would turn the risks back lower within the range, with the next levels at 105.21/15, ahead of 101.19/100.00.”