The USD/JPY uptrend is losing momentum. Nonetheless, analysts at Credit Suisse maintain their core positive outlook for 147.62/153.01.

USD/JPY is losing momentum

“The USD/JPY uptrend is showing signs of slowing but for now we still look for the immediate risk to stay higher and with a multi-year ‘secular’ base in place, we maintain our long-held bullish view and look for a sustained break above the 137.21 high of 1998 for a move to our core long-term objective at 147.62/153.01 – the 38.2% retracement of the entire fall from 1982 and price high of 1998.” 

“Support is seen at 135.93 initially, then 134.96 with more important support seen at the 55-day average, currently at 132.20.”