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The USD/JPY pair stays bullish for the 109.85 high of June 2020, which analysts at Credit Suisse look to cap for now for a period of consolidation.

See –  USD/JPY: Levels between 109.00 and 110.00 to be the top for this current rally – MUFG

Key quotes

“We stay directly bullish for the high of June 2020, 50% retracement of the entire 2016/2020 bear trend and 78.6% retracement from the fall from last March at 109.76/92. With daily RSI momentum already close to 90% we look for this to prove a tough initial barrier and we look for a cap here for now.”  

“Should strength directly extend this can see the tone stay directly bullish for the long-term downtrend from October 2018, currently at 110.46, with long-term resistance seen starting at 111.68/72.”  

“Support moves to 108.81 initially, below which can ease the immediate upside bias for a fall back to 108.28, with scope for 108.10/02, which we look to hold for now.”