USD/JPY continues to have a difficult time making a decisive move in either direction and stays relatively quiet above 113.50. In the view of analysts at Credit Suisse, this consolidation stays seen as temporary prior to the core uptrend resuming.

Initial support seen at 112.53/45

“USD/JPY extends its consolidation and with a major base in place this pause stays seen as temporary ahead of the core uptrend eventually resuming.”

“Above 113.96 remains needed to mark a near-term base to add weight to our view for strength back to 115.52/62 and eventually the longterm downtrend from 1990 at 116.90/117.00.”

“Support stays seen at 112.53/45 initially, then more importantly at the ‘neckline’ to the major base at 111.84, potentially even 110.58 – the 38.2% retracement of the 2021 rally.”