EUR/JPY: Below 115.53 should add momentum to the downtrend – Credit Suisse

A close below 115.53 should finally confirm the looked-for large bear triangle on the EUR/JPY pair, in the opinion of analysts at Credit Suisse.

Key quotes

“Our bias stays lower and we continue to look for a close below 115.53 to confirm the completion of the looked-for large bear ‘triangle’ pattern to mark a significant turn lower.” 

“We would look for a more impulsive trend lower to emerge with support then seen next at 114.85, the April 2017 low. Beneath here should add momentum to the fall, with the next meaningful support then seen at 112.08.”

“Resistance moves to 115.84 initially then 116.27, with the recent reaction high and 13-day average at 116.51/61 now ideally capping further strength.”