EUR/JPY to visit the June high at 124.44 on a break above the 122.13 key resistance – Credit Suisse
|EUR/JPY has surged higher for its expected retest of pivotal resistance from the top of its sideways range at 121.96/122.13. Above this level, the pair would see the core trend turning higher again for an eventual move back to the 124.44 June high, per Credit Suisse.
Key quotes
“EUR/JPY has surged higher after successfully holding key price support at 120.32/27 for its expected retest of pivotal resistance from the top of the sideways range of the past month at 121.96/122.13. Although this is capping for now, beyond here, which we continue to eventually look for, remains needed to see a base established to see the core trend turn higher again with resistance seen next at the 61.8% retracement of the June fall at 122.37/51.”
“Whilst a pause at 122.37/51 should be allowed for, a break in due course can see resistance next at 123.52/62 and eventually the 124.44 June high.”
“Near-term support moves to 121.46, then 121.22, with the immediate risk seen staying higher whilst now above 120.75. Below can see a retest of 120.32/27.”
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.