EUR/JPY: The clear break of 115.53 finally confirms an important bear trend – Credit Suisse

EUR/JPY has seen a further sharp fall for finally a clear and conclusive break of key support at 115.53 – the 78.6% retracement of the 2016/2018 bull trend, per Credit Suisse.

Key quotes

“The ease with which support from the April 2017 spike low at 114.85 has been broken adds further weight to the bearish setup, with support seen next at 113.71, ahead of 112.60 and then the 112.08 low of September 2016, which we would expect to hold at first.”

“Resistance moves to 115.18 initially then 115.53, with 115.61/66 ideally now capping to keep the immediate risk lower. Above can see a deeper recovery to 116.00/05.”