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- EUR/JPY to extend its decline towards 128.88/84 on a close below 55-DMA at 129.99 – Credit Suisse
EUR/JPY to extend its decline towards 128.88/84 on a close below 55-DMA at 129.99 – Credit Suisse
EUR/JPY weakness has quickly accelerated again. A close below the 55-day moving average (DMA) at 129.99 should add further momentum to the decline, economists at Credit Suisse report.
Resistance at 130.92 set to cap
“A close below the 55-DMA at 129.99 should add further momentum to the decline with key support then seen next at the uptrend from May 2020 at 128.88/84.”
“Whilst we would look for an attempt to find a fresh floor 128.88/84, a closing break would warn of a more damaging turn lower with support then seen next at the January lows at 128.34/26.”
“Resistance is seen at 129.99 initially, then 130.34, with the immediate risk seen staying lower whilst below 130.92.”
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