EUR/JPY scope for a visit to 134.32 – Commerzbank
|In light of the recent price action, the cross could attempt a test of the 134.30 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY continues to see a strong rebound from the 55 day ma and cloud support, and uptrend which currently lies at 130.91/129.72 The move above 132.24/45 (August 2015 low and January 2016 high) has re-introduced scope to the 134.32/61.8% of the move down from 2014. Above here would target the 1979-2017 resistance line at 139.12”.
“A move below the 55 day moving average is needed to alleviate upside pressure and retarget the 127.57 August low”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.