FXStreet reports that USD/JPY is back under pressure again after being capped at 108.08 and analysts at Credit Suisse look for a fresh challenge on the twin lows of April at 106.92.

“USD/JPY is back under pressure again after being capped at price resistance at 108.08, with the market also remaining capped at its 13-day average, currently seen at 107.73, and the broader risk is still seen on balance lower.” 

“We look for a fresh challenge on the twin lows of April at 106.92. A break below here remains needed to mark a bearish continuation pattern and more important turn lower, with support seen next at 106.45, the 50% retracement of the March rise.” 

“Near-term resistance moves to 107.35/40, with 107.66/76 now ideally capping to keep the immediate risk lower. Above 108.08 though remains needed to turn the risks higher within the broader range, with the next resistance seen at the 200-day and 55-day averages at 108.31/42, with fresh sellers expected here.”