USD/JPY remains on the defensive on Wednesday. But in the view of analysts at Credit Suisse, a break above 115.69 should confirm the completion of a bullish continuation pattern for a resumption of the core uptrend back to 116.35/70.

Above 115.69 should see the sideways range resolved higher 

“Key near-term resistance stays seen at the recent high at 115.69, above which can see a bullish continuation pattern complete to turn the trend higher again for a retest of the high and long-term downtrend from April 1990 at 116.35/70. Whilst a fresh rejection from here should be allowed for, we continue to look for an eventual clear break, with resistance seen next at 118.61/66.”

“Support is seen at 115.23 initially, with the 13-day ema and price support at 115.05/114.92 now ideally holding to keep the immediate risk higher. Below can see a retreat back to the 55-day average at 114.46/42.”