FXStreet reports that analysts at Credit Suisse apprise that USD/JPY ideally stays capped at its 55-day average and highs at 104.75/77 with the broader risk still seen lower.

“USD/JPY strength has been capped as expected ahead of the top of its range and 55-day average at 104.75/77 and we continue to and for the risk to then turn lower again.” 

“Support moves to 103.92 initially, then 103.63, beneath which should reassert the downtrend with potentiall trend support from March seen at 103.45 today, then more importantly at the early November low at 103.20/17. Whilst a fresh hold here should be allowed for, an eventual break can resolve the range of the past month lower for a more concerted decline with support seen at 102.80/74 and evebtually and more importantly at 101.63/18.”