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.