EUR/JPY to retest recent highs around 137.50 – Credit Suisse

EUR/JPY remains well-supported. Analysts at Credit Suisse look for a retest of medium-term resistance from the 2018 and recent highs at 137.50/54. 

Closing break above 137.50/54 to mark a further significant break higher

“We maintain our immediate upward bias with resistance seen at 136.63/73 initially, above which should see strength back to 137.15, then a retest of medium-term resistance from the 2018 and recent highs at 137.50/54.” 

A closing break above 137.50/54 would mark a further significant break “higher to open up further medium-term upside, with resistance seen next at 138.17, ahead of what we look to be tougher initial resistance at the August 2015 highs at 138.86/139.03.” 

“Support is seen at 135.70 initially, with 135.55/51 ideally holding to keep the immediate risk higher. Below can see a setback to support next at 135.16, potentially the 13-day exponential average at 135.01, but with buyers expected to show here.”