USD/JPY has now seen a conclusive break above the 135.20 high of 2002. This move should reinforce the bull trend for an eventual rise to 147.62/153.01, according to analysts at Credit Suisse.

Break below 134.55 needed to ease the immediate upside bias

“We maintain our core positive outlook, with resistance seen at 136.81/84 ahead of the 137.21 high of September 1998. We would look for this to cap at first ahead of further strength to the trend channel and price resistance at 139.00/10 next and eventually our ultimate objective in the 147.62/153.01 zone – the 1998 high itself and the 38.2% retracement of the entire fall from the 1982 high.” 

“Support is seen at 135.96 initially, then 135.60/43, which we look to try and hold. Below 134.55 though is needed to ease the immediate upside bias to raise the prospect of a fresh consolidation phase, with support then seen next at 134.03.”