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.”
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