FXStreet reports that the Credit Suisse analyst team notes that USD/JPY has completed a bearish “reversal day” from flagged resistance at 110.72/82. A close below the 55-day average at 109.82 would warn of a more protracted corrective phase.

“USDJPY has not only rejected key resistance from the back of the broken uptrend from January as well as price and retracement resistance at 110.72/82 but has completed a bearish “reversal day” in the process. This has seen the risk turn quickly lower again for a retest of key support from the 55-day average at 109.82.” 

“A close below the 55-day average at 109.82 can open the door to a more protracted corrective phase lower with support then seen next at the recent low at 109.53.” 

“Resistance moves to 110.20 initially, then 110.54.”