Credit Suisse discusses USD/JPY technical outlook and looks for resistance at 105.82/92 to cap further strength.
"USDJPY strength is showing signs of stalling as expected ahead of resistance at 105.82/92 and with the 55 -day average and downtrend from early June now also here we continue to look for this to cap and for the downtrend to ideally resume. Support is seen at 105.24/24 initially, below which would now see a minor top complete to add weight to this view with support seen next at 105.09, then 104.88/83. Beneath this latter area should confirm the recovery may already be over with support then seen next at 104.40/37, then the 104.00 recent low," CS notes.
"Immediate resistance is seen at 105.70. A close above 105.98 though would warn of a more concerted move higher with resistance seen next at 106.30 and then 106.51/56," CS adds.