EUR/JPY: Immediate risk lower with support at 119.50 – Credit Suisse

EUR/JPY remains under pressure and analysts at Credit Suisse expect the pair to test the 119.50 level where it should floor. 

Key quotes

“We stay biased lower with support seen next at 119.96/84 and then 119.52/41 – the 200-day average, 50% retracement of the rally from May and back of the broken medium-term downtrend. We will look for a floor here. Should weakness extend on a closing basis we this would see the trend stay directly lower with support seen next at 118.85, then the 61.8% retracement at 118.22.” 

“Resistance is seen at 121.17 initially, then 121.82/85, above which would now see a small base complete to reassert an upward bias with resistance then seen next at 122.37/62.”