Credit Suisse knows exactly where to sell USDJPY

Credit Suisse are orders in for a short in dollar yen

Here’s why;

– Pair remains capped beneath resistance from the 61.8 retracement at 109.47

– We would allow for a consolidation phase here with a break higher needed to see the recovery extend for 109.90 at first, through which can target price and falling 55-day average resistance at 110.67/81 where fresh selling is expected to show

ll being well I think they’ve got a good trade if filled, as long as there’s no shocks along the way. I’m a bit sceptical on their target though as that’s a lot of work to get there. 110.00 is going to be a big area and if it we’re I, I’d stick the stop just above 111.00 rather than just in front of it. 111.60/65 could be a big resistance level for the trade also.

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