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Jun 11 - 10:55 AM

EUR/JPY: To Resume Rally Towards 125 After Sharp Setback; Negate On Breach Of 120.60 - Credit Suisse

By eFXdata  —  Jun 11 - 09:43 AM

Credit Suisse discusses EUR/JPY technical outlook and sees a scope for a rally back towards 125 after consolidation in the near-term.

"Post the current admittedly sharp setback we thus look for the bull trend to resume with resistance seen next at 125.13/23 – the back of the broken uptrend from 2012 – then the 50% retracement of the 2018/2020 bull trend at 125.94. Whilst we think this can cap at first, we look for a break in due course with resistance next at 127.52, then the 61.8% retracement at 128.67. Big picture though, the “measured base objective” is seen set significantly higher at 133.75," CS notes. 

"Weakness should now ideally not extend back below 120.60," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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