FXStreet reports that analysts at Credit Suisse apprise that the USD/JPY pair has been capped at a cluster of resistances at 104.33/77 and only above here would see a bullish “wedge” reversal established.

“USD/JPY strength has been capped for now as expected at a cluster of major resistances, starting at its downtrend from last March at 104.33 and stretching up to the December high at 104.77. However, we remain of the view we may be witnessing the construction of a bullish falling ‘wedge’ reversal.” 

“Only above 104.77 would mark a more important reversal higher to open up a move to 105.68 next, then likely the 200-day average at 105.88, which we would expect to cap at first.”