FXStreet reports that analysts at Credit Suisse note that USD/JPY looks to be making a decisive break above 110.97, with a close above here sharply increasing the risk of a major base.

“USD/JPY has surged beyond the prior 110.97 high for the year after. We stay bullish and look for a move to long-term and more important resistance, starting at 111.93 and stretching up to the 112.40 high of 2019.” 

“Whilst we would expect a cap in the 112.40 vicinity 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.”

“Near term support moves to 111.01/110.93, which now ideally holds to maintain the breakout."