EUR/JPY to extend its race higher on a break above 130.65/75 – Credit Suisse


EUR/JPY extends its strong defense of key support at 127.93/88. Analysts at Credit Suisse look for a retest of the early September highs at 130.65/75, above which would now see a bullish “double bottom” base complete.

Important basing process underway

“With the market already pushing above the 55-day and 200-day averages, we believe a more important basing process is underway, which would also be consistent with the sharp rise higher in bund yields we are also witnessing.”

“We stay biased higher with resistance seen next at 130.20/30, then more importantly at the 130.65/75 early September highs.” 

“Above the 130.65/75 early September highs would now see a bullish ‘double bottom’ base established to confirm a more important turn higher, with resistance then seen next at 131.04/10 ahead of 131.77 and eventually the ‘measured base objective’ at 133.57.” 

“Support moves to 129.45 initially, then 129.51, with 128.78/58 now ideally holding to keep the immediate risk higher.”

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD clings to modest gains above 1.1600 after EU and German PMI

EUR/USD is trading in the positive territory around mid-1.1600s in the early European session with the dollar struggling to find demand amid the improving market mood. The data from Germany and the EU showed that the business activity in the private sector expanded at a soft pace in October.

EUR/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

XAU/USD eyes $1801 as the next bullish target

Gold price hits fresh five-day tops at $1795 amid risk-on mood, USD pullback. Listless US Treasury yields support gold price, as inflation risks loom.

Gold News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

Read more

Earnings continue to impress

Stock markets are marginally lower on Thursday, continuing the trend of choppy trade this week as we await more earnings reports. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures