USD/JPY has held support at 109.81/71 as expected. Subsequently, analysts at Credit Suisse stay biased higher for a test the YTD high at 110.97.
Initial resistance seen at 110.49/54
“Above 110.49/54 should add weight to our view for the risk to turn higher again, with a move back to 110.77/83, then a test of the 110.97 high for the year. Above here in due course can expose long-term and more important resistance, starting at 111.94 and stretching up to the 112.40 high of 2019.”
Through the 112.40 high of 2019, USD/JPY would see a much more significant base established to mark a more important turn higher and a move to 114.00 next.”
“Support moves to the 13-day ema at 110.04 initially, which we now look to try and hold. Below 109.71 though would warn of a deeper setback to retest the June lows and 55-day average at 109.29/19, but with a fresh floor expected here.”
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