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USD/JPY is testing the important downtrend at 110.73/77, which analysts at Credit Suisse look to be broken to open up a test the YTD high at 110.97. Above here would sharply increase the risk of a much longer-term base.

Support at 109.81 ideally holds

“We look for a break above the YTD high at 110.97 to expose long-term and much more important resistance, starting at 111.94 and stretching up to the 112.40 high of 2019. Through here 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 110.34 initially, then 110.17/13, with 109.81 now ideally holding to keep the immediate bias higher. Even if broken though, we see several layers of good support below here, starting at 109.60 and stretching down to 109.29/19.”