USD/JPY: Break below 106.92 needed to accelerate the turn lower – Credit Suisse

Support at 106.92 needs to break to mark a more decisive turn lower, strategists at Credit Suisse informs.

Key quotes

“Our short-term bias stays neutral albeit with a mild downside tilt, with support at 106.92 and resistance at 108.08/16.”

“A break below 106.92 remains needed to mark a more important turn lower with support seen next at 106.45, the 50% retracement of the March rise.” 

“Above 108.16 would turn the short risks mildly higher within the range, with the next resistance seen at the 200-day average at 108.33.”