Credit Suisse: USD/JPY targets 111.60
According to analysts at Credit Suisse, the recent break above the key resistance at 99.15 confirms a bullish “triangle” has been established.
"We believe this could act as the catalyst for a sharp acceleration higher, back to 101.54/61 initially, then to retest the 103.10/103.74 resistance zone," specialists say.
"In a long term, the 103.10/74 resistance remains seen as pivotal (the 2013 high, 2009 high, 1999 low, 2005 low and 38.2% retracement of the entire 1998/2011 decline). Although this should clearly be respected again, our bias would be for an eventual break to target 105.60 next, then 110.60/111.60," Credit Suisse projects.
Chart. Monthly USD/JPY