USD/JPY: Close below 147.82 needed to reinforce the case for a peak – Credit Suisse

USD/JPY extended its push on Friday before posting an aggressive fall following another currency intervention. Economists at Credit Suisse  look for a potentially important top – which will be confirmed on a close below 13-Day Moving Average (DMA) at 147.82

Initial resistance aligns at 149.69

“A close below support from the 13-DMA at 147.82 is needed to mark a further easing in upside pressure, with support then seen next at Friday’s low of 146.20, then 145.50/42. Beneath this latter area should see support next at the October low and 38.2% retracement of the August/October rally at 143.72/53, with better support expected here at first.” 

“Resistance is seen at 149.69 initially, then 151.13/19, with 151.92/153.01 expected to cap.”