EUR/JPY to see strength back to and then above the 144.26 current cycle high – Credit Suisse

EUR/JPY has held support from its 55-day moving average at 137.58. Analysts at Credit Suisse look for strength back to the 144.15/26 highs and then above.

Support at 140.68/58 to hold for a retest of resistance at 144.15

“Resistance is seen at the 78.6% retracement of the recent sell-off at 142.81/89, above which should clear the way for a retest of the 144.15/26 high and Fibonacci projection resistance. An eventual break above here in due course should then see resistance next at 144.96/145.00 and eventually the 149.78 high of 2015.” 

“Support is seen at 141.45 initially, then 141.02. A break can see a pullback to the 13-day exponential average and price pivot at 140.68/58, but with this now ideally proving a solid floor.”