USD/JPY: Mild downside tilt – Credit Suisse

USD/JPY remains in a short and broader medium term range, with 106.92 and 108.00/08 the key short-term levels, per Credit Suisse.

Key quotes

“USD/JPY was capped on Friday by the 13-day average and recent highs at 108.00/08 as expected to keep the market in its tight recent range.”

“We remain biased towards a move back lower, with support seen at 107.45/43 initially, then 107.17, below which should see a retest of 106.92.” 

“Above 108.00/08 would turn the short risks mildly higher within the range, with the next resistance seen at the 200-day average at 108.32. More important resistance is at 109.32/39.”