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EUR/JPY continues to hold long-term support, but the broader risk is seen for a break lower, in the opinion of analysts at Credit Suisse.

Key quotes

“EUR/JPY continues to hold a cluster of major support levels at 116.12/114.85 to keep the market entrenched in a broad range.”

“Our bias is to the downside for an eventual clear break below 114.85 to resolve the range lower and complete a large bear ‘triangle’ pattern, opening the door to a fall back to 112.08, then the 109.55 low of 2016.”

“Resistance at 119.90 ideally caps on a weekly closing basis.”