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.”
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2020 TeleTrade-DJ International Consulting Ltd
TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
TeleTrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.