EUR/JPY set to surge higher towards the 137.51 2018 peak – Commerzbank
|EUR/JPY has bounced off the 131.52 support and is set to head higher towards the 134.12 June peak. Above here, the pair will target the 137.51 mark, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
EUR/JPY recovered off the Fibo support
“EUR/JPY has eased back to and bounced off the 38.2% retracement at 131.52. Attention is back on the 134.12 June peak.”
“Longer-term, a break above the June peak is favoured, and will introduce scope to 137.51.”
“Dips should find initial support 131.55/50 and then at 130.74/46, the September highs and should attempt to reassert its longer term bull trend ahead of here.”
“Below 130.46 lies 128.74, the 6th October low and the 127.94/50, August and September lows and the February 2019 high.”
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.