EUR/JPY: Strength to extend to test the 149.78 high of 2014 – Credit Suisse

The rally in EUR/JPY has gained further strong momentum. Economists at Credit Suisse believe that the pair has potential to test the 149.78 high of 2014.

Support is seen at 144.85/24

“Although we are wary of a potential top in EUR/JPY around 150-153, we look for the rally here to extend further still. 

“Resistance is seen initially at 147.23/27, above which can see resistance next at 148.43/45 and potentially back to the 149.78 high of 2014. We would look for this to prove a tougher barrier if tested.”

“Support is seen at 146.54/40 initially, with a break below 146.23 needed to see a setback into the 144.85/24 zone, which we look to try and hold.”