EUR/JPY to look at the 121.18 March high if trades above 119.99– Credit Suisse
|Economists at Credit Suisse continue to look for a clear break above the 2018 downtrend with the ‘measured base objective’ at 121.18.
Key quotes
“EUR/JPY remains well supported above its 200-day average at 119.30 to leave the spotlight firmly back on the medium-term downtrend from September 2018 at 119.95/99. Although further consolidation should be allowed for here, with a base in place, we continue to look for a sustained move above in due course.”
“Above 119.99 should then see resistance next at 120.52, with the ‘measured base objective’ at 121.18, which also coincides with the March high. With the late February high not far above at 121.40, we would then look for this 121.18/40 zone to then cap and for a consolidation phase to emerge.”
“Near-term support moves to 119.62, then the 200-day average and price support at 119.30/18, which we look to ideally hold. A break can see a deeper setback to the 13-day average at 118.48/41, but with better buyers expected here.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.