USD/JPY has finally seen a resumption of its core bull trend. Analysts at Credit Suisse maintain a core bullish outlook with their ultimate objective still at 122.90/123.00.

Support at 116.35/10 set to hold

“We maintain our long-held bullish outlook with resistance seen next at the 2018 highs at 118.61/66 and with 122.90/123.00 still our ultimate objective.”

“Support at 116.35/10 now ideally holds, although only a close back below the 55-day average at 115.24 would warn of a ‘false’ break higher.”