EUR/JPY to resume the uptrend above the 130.00 level – Credit Suisse

Above the 130.00 level, the EUR/JPY is expected to see a resumption of its core uptrend for a move back to 130.68 and eventually 132.55, the Credit Suisse analyst team report.

Resistance moves to 130.68/71, support shifts higher to 129.87/83
“EUR/JPY has extended its recovery for a break above price resistance at 129.95/130.00 to suggest the corrective setback is over and core uptrend resumed and we look for a move back to the 130.68/71 current high.”

“Whilst a fresh rejection from the 130.68/71 current high should be allowed for, especially with the EUR itself still holding a top we would look for a break in due course for a move to 131.18 next and eventually 132.55 – the 61.8% retracement of the entire 2018/2020 bear trend – which we look to prove a tougher barrier.”
“Support moves to 130.05 initially, with 129.87/83 now ideally holding to keep the immediate risk higher. Below would complete a minor top to warn of a setback to 129.52/39, but with fresh buyers expected to show here.”