EUR/JPY to race higher toward the 149.78 high of 2015 – Credit Suisse

EUR/JPY has surged higher for its expected retest of the 144.15/26 high. Analysts at Credit Suisse look for an eventual sustained break above here towards the 149.78 high of 2015.

Initial support is seen at 142.45

“We maintain our core bullish outlook and continue to look for an eventual sustained break above the 144.15/26 high and Fibonacci projection resistance in due course, with resistance then seen next at the’“neckline’ to the small top from late 2014 at 144.96/145.00. Whilst we would look for a fresh pause here, we maintain our long-term objective at the 149.78 high of 2015.”

“Support is seen at 142.45 initially, with 141.88/82 ideally now holding to keep the immediate risk higher. A break can see a pullback to the 13-day exponential average and price pivot at 141.29/02, but with this ideally proving a solid floor.”