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Jul 05 - 05:00 PM
EUR/JPY: Scope For Retesting 120.82/78 Ahead Of 118.96 - Credit Suisse
First appeared on eFXplus on Jul 05 - 02:30 PM

Credit Suisse discusses EUR/JPY technical outlook and flags a scope for retesting key support at 120.82/78 ahead of 118.96 low for the year.

"EURJPY risks stay lower following the rejection from important resistance from its June high and 38.2% retracement of the fall from March at 123.35, as well as its 55-day average, with support initially seen at 121.29, then last Friday's low at 120.95,"CS notes. 

"Below here should clear the way for a retest of key support from the June low, 78.6% retracement of the Q1 2019 rally and medium-term uptrend from 2016 at 120.82/78, where we would expect to see renewed buying. Below though would mark an important break lower, exposing the 118.96 low for the year," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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