Focus remains very much on weakness in the EUR as analysts at Credit Suisse have highlighted several times, with EUR/JPY having now broken its 116.34/12 key lows/’neckline’ in a roller coaster session yesterday.
Key quotes
“We continue to look for a clear and closing break to confirm the completion of the looked for large bear ‘triangle’ pattern to mark a significant turn lower, likely in line with a broader market ‘risk off’.”
“Key now is the 78.6% retracement of the rise from 2016 at 115.53. Beneath here should be the final barrier to confirm a bear ‘triangle’ is indeed in place, with support then seen next at 114.85, the April 2017 low.”
“Above can see strength back to 116.81/84. Only above 117.23/30 though would mark a base and a false break lower.”
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