FXStreet reports that the Credit Suisse analyst team informs that EUR/JPY remains below its 55-day average at 124.79, keeping the immediate risk lower.

“EUR/JPY remains under pressure after its failure to clear the 55-day average, currently seen at 124.79.” 

“Support is seen next at 123.28/24 ahead of the early October spike low at 123.03, which we look to try and hold to define the lower end of a near - term range. A break though would warn of a move back to retest the 122.38 late September low, with key retracement supports seen at 122.27/23 – including the 38.2% retracement of the entire rally from the May low – which we continue to look to remain a stronger floor.”