USD/JPY continues its strong surge higher. In the view of analysts at Credit Suisse, the pair is set to soar as high as 123.00.

Support is seen at 118.47/37

“USD/JPY has cleared the 118.61/66 highs of 2018 with ease to further reinforce the existing large base from last year. Although a knee-jerk pullback should be allowed for, we maintain our core bullish with resistance seen next at 120.66/68 ahead of the 2016 high at 121.69 and eventually our ultimate objective still at 122.90/123.00.” 

“Support moves higher to 119.08 initially, then 118.79, with 118.47/37 ideally holding to keep the immediate risk higher. Below can see a setback to 117.80/70, potentially the 13-day exponential average at 117.57, but with fresh buyers expected here.”