FXStreet reports that analysts at Credit Suisse are seeing the formation of a larger bullish “wedge” reversal. 

“USD/JPY extends its recovery as expected trend support from July, currently at 102.51 accompanied by a bullish RSI momentum divergence and has pushed above the December high and now also the 55-day average. This sees a small base complete to add weight to our view we are seeing the formation of a larger bullish ‘wedge’ reversal with resistance seen at 104.37/47 next, then more important resistance from the top of the ‘wedge’ at 104.59/77.” 

“Above 104.59/77 is needed to see a bull ‘wedge’ finally confirmed to mark a more important reversal higher to open up a move to 105.68 next, with scope for the 200 -day average at 105.93.”