EUR/JPY has seen an additional spectacular acceleration with the 50% retracement of the 2018/2020 bear pattern at 125.94 eliminated with ease. Economists at Credit score Suisse keep biased greater with the following significant resistance seen on the 127.52/72 2019 excessive.
“EUR/JPY has seen an additional spectacular acceleration greater after efficiently holding a cluster of helps at 124.34/24, together with its accelerated 13-day common, now at 124.87 and resistance at 125.94 has been cleared with ease – the 50% retracement of the 2018/2020 downtrend. This means the pattern ought to keep immediately greater with resistance seen on the April 2019 excessive at 126.84 subsequent, with more durable resistance then seen subsequent at 127.52/72 – the 2019 excessive and potential downtrend from late 2014.”
“We’d anticipate the 2019 excessive at 1.27.72 to show a more durable preliminary barrier and would anticipate an preliminary pullback from right here. A direct break although can see resistance subsequent on the 61.8% retracement of the autumn from 2018 at 128.67.”
“Close to-term assist strikes to 125.76, then 125.51, the 124.95/87 which ideally holds to maintain the rapid danger greater A break can see a setback to 124.50/33, however with recent consumers anticipated right here.”