USD/JPY has surged to a new high for the year. Analysts at Credit Suisse stay bullish for their 147.62/153.01 long-held target.

Support seen at 137.57

“We maintain our core and long-held bullish outlook for 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. Our bias is for a move towards the upper end of this zone when we will then be alert to a potentially important top.”

“Support at 137.57 now ideally holds to keep the immediate risk higher.”