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Economists at Credit Suisse continue to see the euro as increasingly at risk on the downside, with EUR/JPY as the perfect expression of weakness.

Key quotes

“A clear and sustained move below 115.53, which is our base case, would mark the long-looked-for completion of a large bearish ‘triangle’ pattern which we think eventually opens the door to a move back to the 2016 low at 109.55.” 

“We maintain an immediate bearish stance whilst below 117.78/83.”