USD/JPY to enjoy considerable gains towards 117.20 – Credit Suisse

USD/JPY is also seen close to establishing a major base. If confirmed above 112.40, this would be seen to open up 114.25/55 initially ahead of 117.20 and higher over the long-term, economists at Credit Suisse report.

USD/JPY to establish a multi-year base above 112.23/40

“USD/JPY has surged higher to test long-term resistance from the 2019 and 2020 highs at 112.40 and 112.23 respectively. Above here, which is now our base case would establish a multi-year base for a significant move higher with initial resistance/objectives seen at 114.25/55 ahead of the long-term downtrend from April 1990, currently at 117.20.”

“Support at 110.00 now ideally holds, although only back below 109.11 would be seen to curtail immediate basing thoughts.”