USD/JPY has finally achieved Credit Suisse’s long-held core objective from April at 147.62/153.01 – the 1998 high and 38.2% retracement of the 1982/2011 bear trend. The pair is set to see an important top here.

Initial support seen at 146.86 

“Our bias remains for a deeper push higher into the 147.62/153.01 zone with resistance above 147.62/68 seen next at 148.42 ahead of trend resistance from April at 149.17. With rare gap resistance from August 1990 seen at 149.31 and the psychological 150.00 barrier just above, we look for a potential top in this 149.17/150.00 zone.” 

“Support is seen at 146.86 initially with the immediate bias seen higher whilst above 146.52. A break can see a deeper setback to the 13-day exponential average at 145.70/64, but wit h fresh buyers expected here.”