EUR/JPY closed above our prior 132.55 objective on Friday – the 78.6% retracement of the 2018/2020 bear trend. This should reassert the uptrend for a test of the key highs of April and September 2018 at 133.13/49 next, analysts at Credit Suisse appraise.
Above 132.55 should see resistance next at 133.12/13, then 133.49
“EUR/JPY finally broke above the 78.6 % retracement of the entire 2018/2020 bear trend at 132.55 on Friday. This should bring the brief consolidation to an end and reinforce the broader uptrend, with resistance seen next at the September 2018 highs at 133.12/13, potentially as far as the 133.49 high of April 2018, with another temporary cap expected for now in this 133.13/49 zone.”
“We eventually see scope for a move to the 137.50 2018 high.
“Near-term support stays at 132.07 /131.95, with 131.67 ideally holding further weakness. A break though would set a minor top with support then seen next at 131.41/37.”