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USD/JPY has completed a falling bullish “wedge” reversal (which can often be seen technically as a more important end of trend marker) and analysts at Credit Suisse look for a test of the 200-day average around 105.60, potentially higher. 

Key quotes

“USD/JPY has surged higher after confirming the looked-for bullish ‘wedge’ reversal and we stay bullish for a test of the 200-day average and price high at 105.62/75. With the 38.2% retracement of the entire fall from last March at 106.08, we would expect a cap here at first. A break, though, can see strength extend to 106.95/107.05.”

“Support moves to 104.40, with 104.17/07 now ideally holding.”