USD/JPY maintains a major base and the recent consolidation phase looks to be coming to an end. This would be confirmed above 114.70/92, with the next major resistance then seen at 117.00/01, analysts at Credit Suisse report.

Consolidation phase looks to be coming to an end

“USD/JPY extends its consolidation but with a major base in place above 112.40, we maintain our view this is a temporary and healthy pause only. We thus look for a move above 114.70/92 in due course for a test of the long-term downtrend from April 1990 at 117.00/01.” 

“The ‘measured base objective’ stays seen at 122.90/123.00.” 

“Support is seen at 112.73/57 initially, then the 55-day average at 112.03, which ideally holds.”