Credit Suisse FX Technical Strategy Research argues that USD/JPY ongoing break below the 108.27/13 lows for the year completes a large bearish triangle continuation pattern to target 106.52 initially, then the medium-term uptrend at 105.42.
"Above 111.05 is needed to mark a fresh base to reinforce the broader sideways range, clearing the way for a recovery back to 112.20 initially," CS adds.
Source: Credit Suisse Global Fixed Income ResearchOriginal Article
