Credit Suisse discusses USD/JPY technical outlook and flags a short-term top pattern in the making.
"We think the pressure is building steadily for a completion of an important top and more material turn lower, with support then seen next and initially at 105.20/14 – the 61.8% retracement of the March rally. Whilst this may hold at first, we note the “measured top objective” would be seen set lower at 102.34," CS ads.
"Resistance is seen at 106.65/70 initially, with the immediate risk seen lower whilst below 106.92. Above can reassert the sideways range again," CS adds.