USD/JPY has finally broken clearly above its well-defined intraday highs at 113.96, which completed a base to end its consolidation phase and resume its core uptrend. Economists at Credit Suisse expect back to the 115.50/52 highs and eventually 116.87/117.00 going into next year.
“USD/JPY has held onto its break above key near-term price resistance at 113.96, which confirms a near-term base to suggest the consolidation phase is over and core uptrend resumed, in line with our broader bullish view, which is based on the completion of a major base.”
“We look for a direct move back to 115.52/62 next, ahead of the long-term downtrend from April 1990, now seen at 115.87.”
“The market should now hold above its 113.96 minor breakout point to maintain a high degree of confidence in the move higher. Below here and 113.23 would negate the breakout for further ranging.”
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