USD/JPY: Trend stays higher, next resistance at 109.39 – Credit Suisse

USD/JPY goes on rallying with resistance seen next at 109.39/52 and with the ‘measured base objective’ at 110.20, analysts at Credit Suisse apprise. UOB Group suggests a potential move to the 109.00 yardstick and beyond.

Key quotes of Credit Suisse

“With the 50% retracement of the March/May fall at 108.85 cleared with ease we maintain our bullish bias with resistance next at 109.39/52 – the April high and 61.8% retracement – with the ‘measured base objective’ seen at 110.20.”

“An overshoot to the 78.6% retracement at 110.49 should be allowed for, but we look for this to cap at first.”

“Support is seen at 108.83/80 initially, with the 200-day average and yesterday’s low at 108.49/39 ideally holding to keep the immediate risk higher.”