Market news
08.06.2020, 11:37

EUR/JPY: Above 123.31 marks a change of trend higher, 125.13 next resistance - Credit Suisse

FXStreet reports that the Credit Suisse analyst team apprises that an important medium-term base is now seen in place with next resistance looming at 125.13/23.

“EUR/JPY has established a medium-term base above major resistance at 122.52/123.31– the high for the year from January, 38.2% retracement of the entire 2018/2020 bear trend and July 2019 high - to mark a medium-term change of trend higher.”

“A pullback is looked for, but with weakness seen as corrective with resistance above 124.44 seen next at 124.70, then 125.13/23 – the back of the broken uptrend from 2012. We would look for this to cap at first, but with a break looked for in due course with resistance next at the 50% retracement of the fall from 2018 at 125.94. Big picture though, the ‘measured base objective’ is seen set significantly higher at 133.75.” 

“Support is seen at 123.29 initially, below which can see a retracement lower, but with good support seen starting at 122.78 and stretching down to the ‘neckline’ to the base at 122.52.”

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location