FXStreet reports that USD/JPY is already pushing above the 61.8% retracement of the fall from last March and July 2020 high at 108.17/23 and analysts at Credit Suisse stay bullish for a move to the 109.85 high of June 2020.

“USD/JPY has already extended to and currently above our next objective of 108.17/23 – the 61.8% retracement of the fall from last March and the July 2020 high. Whilst a cap should be allowed here initially on a closing basis, we stay bullish and look for a clear break in due course.”

“We would see resistance next at 108.55 ahead of 109.03 and then 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, which should prove a tough initial barrier.” 

“Support moves to 107.82 initially, below which can ease the immediate upside bias for a fall back to 107.15, with 106.97 then ideally holding.”