CS: GBP/USD and USD/JPY trade
Credit Suisse maintains a long GBP/USD position from $1.6355, with a tight stop below $1.6300, and a target at $1.6610. According to analysts, the current weakness is purely corrective. They stay bullish with an initial target of $1.6455. The next interim resistance level lies at $1.6483. "Near-term support moves to $1.6315/06. Below can see a retreat back to $1.6278, potentially $1.6262/58," they add.
Chart. Weekly GBP/USD
Buy USD/JPY on dips
Credit Suisse also runs an active buy limit order on USD/JPY from 101.57, with a stop below 101.13, and a target at 105.55. Analysts think that despite the fresh rejection ahead of the 103.75 (May high for the year and the 38.2% retracement of the entire 1998/2011 bear market), the bigger picture suggests an eventual break for 105.60 and then - 110.60/111.60. On the downside, a break below 101.93 is needed to mark a minor top, for a retreat back to 101.75/65, potentially 101.15/13.
Chart. Weekly USD/JPY