USD/JPY to move back to the 110.97 March high once above 109.95/97 – Credit Suisse

USD/JPY has successfully held its uptrend from January and with its near-term downtrend broken, analysts at Credit Suisse look for a break above 109.95/97 for strength back to test the 110.97 March high.

Support moves to 109.27/22

“We look for a break above resistance at 109.95/97 to keep the immediate risk higher for strength back to the late March high and potential downtrend from February 2020 at 110.84/97.”

“Whilst a fresh rejection from the 110.97 March high should be expected, above in due course can open the door to a test of much important resistance at 111.96/112.40, beyond which would raise the prospect of a much more significant base.” 

“Support moves to 109.48 initially, then 109.27/22, which we now look to try and hold. A break can see a retreat back to 108.66, but with 108.36/35 ideally holding any further weakness.”