USD/JPY may see a near-term pause. Nevertheless, analysts at Credit Suisse continue to look for an eventual retest of the 127.53/23 year-to-date lows.

Resistance at 135.12 ideally caps a near-term consolidation phase

“Whilst we may see a near-term phase of consolidation, our broader outlook stays negative for an eventual break below the uptrend and then price support at 129.80 for a retest of the 127.53/23 YTD low and 50% retracement of the 2021/2022 uptrend.”

“Resistance at 135.12 now ideally caps a near-term consolidation phase. Above though can see a retest of 136.67/137.46.”