EUR/JPY has the 137.50 high of 2018 in its crosshairs – Credit Suisse

The EUR/JPY pair has moved to a new high for its uptrend and  analysts at Credit Suisse stay biased higher for 134.13/16 next.

EUR/JPY to mark a minor top below 132.53/51 with next support seen at 132.37/35

“EUR/JPY has not only moved to a new high for the uptrend but is also moving above the key 133.13/49 highs of April and September 2018. We look for a close above here to reinforce the uptrend to clear the way for further strength with resistance seen next at 134.13/17 ahead of 134.50/60 and eventually and more importantly at the 137.50 high of 2018.” 

“Support moves to 133.13 initially then more importantly at the recent low and 13-day exponential average at 132.76/51, which we look to ideally hold. Below 132.51 though would mark a minor top with support then seen next at 132.37/35 ahead of 132.07/03.”