FXStreet reports that the Credit Suisse analyst team notes that USD/JPY has completed a top below 108.41/33 to turn the risk lower, with support seen next at the 38.2% retracement of the Q1 rally and 55-day average at 107.82/77, with the “measured top objective” a lot lower at 106.05.

“We see support at the 38.2% retracement of the Q1 rally and 55-day average at 107.82/77, which we would look to hold at first. This though would be seen as a temporary hold ahead of a move to the uptrend from January at 107.56 next. Below this latter level should then further reinforce the change of trend lower with support seen next at 106.78 and with the ‘measured top objective’ seen a lot lower at 106.05.”