FXStreet reports that the Credit Suisse analyst team believes that above 109.95/97, the USD/JPY pair should clear the way for a move back to the 110.83/97 late March high and potential downtrend. 

“USD/JPY maintains its break above resistance at 109.10 and with the market having previously stabilized above the 38.2% retracement of the Q1 rally at 107.77 and with daily MACD momentum turning back into outright bullish territory, our immediate bias remains high.” 

“We look for further strength to the recent highs at 109.71/78, then, more importantly, the corrective highs at 109.95/97. Above here would reinforce our upside bias further and open up strength back to the 110.83/97 late March high and potential downtrend.”