USDJPY has surged higher again. Analysts at Credit Suisse highlight the next resistance seen at the 2002 high at 135.20 and with their ultimate objective seen at 147/153.

USD/JPY maintains a multi-year “secular” base

“With a multi-year ‘secular’ base in place, we maintain our core and long-held bullish outlook for a test of the 135.20 high of 2002 next. Whilst we would look for a fresh cap here at first, we look for a sustained break in due course to our 147.62/153.01 core objective – the 38.2% retracement of the entire decline from the 1982 peak and key high of 1998.”

“Support at 126.36 ideally still holds. A break can see a corrective setback, but with fresh support then expected at 125.10.”