FXStreet economists at Credit Suisse expect USD/JPY to break above the 110.81 August high for a test of long-term resistance.

“With US yields having completed near-term bases and expected to rise further we look for a break above the August high at 110.81 to add further momentum to the rally for a test on long-term resistance, starting at 111.66 and stretching up to 112.40.” 

“Whilst the 112.40 resistance should continue to be respected, an eventual break would now see a much more important and large base complete to signal a more sustained change of trend higher.”