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A close above 117.77/83 can mark an important base with resistance next at 118.58/63, per Credit Suisse. Analysts at Commerzbank also see upside potential on the EUR/JPY pair.

Key quotes

“EUR/JPY has cleared key resistance from the late April/early May highs at 117.77/83 and assuming a close above here is achieved, this would not only see the large bear ‘triangle’ negated, it would instead see a base established to mark an important turn higher, with resistance next at 118.58/63, then the April highs at 119.01/04.”

“Support is seen at 117.58/52 initially, then 117.02, which we look to ideally now hold to maintain thoughts of a base.”