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Jan 08 - 02:55 PM

EUR/JPY: Staying Bullish For 128.70 Ahead Of 130.16 - Credit Suisse

By eFXdata  —  Jan 08 - 01:15 PM

Credit Suisse discusses EUR/JPY technical outlook and adopts a bullish bias in the near-term.

"EURJPY looks to be ending its high -level consolidation for the completion of a near -term bullish continuation pattern and with an existing large “head & shoulders” base in place our bias remains higher. Resistance is seen next at 127.52, above which can see a move to 128.39, then the “measured base objective” at 128.67/70, also the 61.8% retracement of the 2018/2020 fall. We would look for this to then cap for a fresh consolidation phase. A direct break though can see resistance next at 130.16," CS notes. 

"Near-term support moves to 126.83, then the 13-day average at 126.47, which we look to try now and hold," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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