EUR/JPY: 134.58 November 2015 high on the cards? - Commerzbank
|Analysts at Commerzbank explained that EUR/JPY did not manage to close below 131.68 and now has overcome resistance at 133.135.
Key Quotes:
"This changes the technical view considerably – the move higher has negated the potential top pattern and suggests that this is in fact a continuation pattern."
"This suggests a re-challenge of the 134.58 November 2015 high. Above here would target the 2008-2017 resistance line at 140.72/141.00."
"Where are we wrong near term? The market is now bid above the 131.39 recent low and the base of the cloud at 130.98."
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