Credit Suisse: buy USD/JPY on dips
Credit Suisse maintains a LONG position on USD/JPY from 107.50, with a stop at 106.55 and a target of 110.60. Analysts note that the price has managed to hold above the major support at 106.60 – 38.2% Fibonacci retracement of the May/October 2014 rise.
However, a break below the 106.60 mark will open the way for further losses to 105.60. Analysts look for buying interest to return on these levels. Major resistance is seen at 108.20.