FXStreet notes that USD/JPY maintains its bearish continuation pattern and is now testing below the July low at 104.19. Economists at Credit Suisse continue to look for a clear and closing break below the aforementioned level, with the next support seen at 103.43.

“USD/JPY weakness is showing signs of accelerating following its break of the potential uptrend from the 2020 low at 105.20/10 and the completion of a bearish continuation pattern and the market is now testing the 104.19 low of July. Whilst a fresh rebound from here should be allowed for, we look for a closing break in due course with support then seen next at 103.43 – the 78.6% retracement of the March rally – and with the ‘measured pattern objective’ at 103.14.”