FXStreet reports that USD/JPY continues its strong push higher as expected after holding key support from the 13-day exponential average, uptrend from early January and recent low at 109.83/71. Analysts at Credit Suisse look for a move above the 110.97 YTD high for a move to long-term resistance, starting at 111.94.

“We continue to look for a sustained move above the 110.97 high for the year to expose long -term and more important resistance, starting at 111.94 and stretching up to the 112.40 high of 2019.” 

“Whilst we would expect a cap in the 112.40 zone at first, we are biased to a break higher in due course, which would then see a much more significant base established to mark a more important turn higher and a move to 114.00 next.”