USD/JPY: Key support at 137.46/136.70 to remain a strong floor – Credit Suisse

USD/JPY is still expected to find a floor at key support at 137.46/136.70, analysts at Credit Suisse report.

Resistance seen at 141.33, then 141.97/142.08

We continue to look for the 38.2% retracement of the 2023 rally at 138.26 and then more importantly at the ‘neckline’ to the base and 200-DMA, seen at 137.46 and 136.70 respectively, to ideally remain a solid floor for an eventual resumption of the broader uptrend.

Resistance is seen at the 13-day exponential average at 140.45 initially, with a close back above the 55-DMA at 140.60 seen needed to clear the way back to 141.33, with this seen as the barrier to a retest of 141.97/142.08.