- Analytics
- News and Tools
- Market News
- EUR/JPY to test the 200-DMA at 119.55 after breaking the 120.60 key support – Credit Suisse
EUR/JPY to test the 200-DMA at 119.55 after breaking the 120.60 key support – Credit Suisse
FXStreet reports that analysts at Credit Suisse note that EUR/JPY has removed support at 120.60 on a closing basis and with daily MACD momentum having turned lower, the risk is seen lower with next key support seen at the 200-day average at 119.55.
“EUR/JPY has finally seen a decisive break of key support at 120.60/56 on a closing basis – the 38.2% retracement of the entire May/June rally – and this has seen a small bearish continuation pattern complete and with daily MACD momentum having turned lower, further weakness is expected.”
“Support is seen at 120.04 initially ahead of 119.82 and then 119.55/41 – the 55-day average and 50% retracement of the rally from May – with a fresh hold here expected. Should weakness directly extend this can expose the 55 -day average and 61.8% retracement at 118.22/14, potentially the top of the April/May base at 117.78.”
“Resistance moves to 120.85 initially, with a break above 121.24 needed to ease the immediate downside bias. Beyond 122.13 though is needed to suggest the correction is over and broader uptrend resumed, with resistance next at 122.51/62.”
© 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.
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.
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
