EUR/JPY to pounce on the 132.00 level for a move towards 132.55 – Credit Suisse

EUR/JPY has surged sharply higher following its recent bullish “reversal day” and analysts at  Credit Suisse stay bullish for a move to our target of the 61.8% retracement of the entire 2018/2020 bear trend at 132.55.

See: EUR/JPY reaches two-year highs, next target is the 137.51 2018 high – Commerzbank

Next resistance is seen at 132.01 and eventually 132.55

“We stay bullish and look for a move to 131.99/132.01 next and then our target of the 61.8% retracement of the entire 2018/2020 bear trend at 132.55. We would look for a cap here and a fresh phase of consolidation.” 

“A direct break of 132.55 would see the risk stay directly higher with resistance seen next at the September 2018 highs at 133.12/13.” 

“Support moves to 131.38 initially, below which can see a pullback to 130.98/85, then 130.57. We look for support at 130.24/19 to now ideally hold further setbacks.”