EUR/JPY: 134.58 November 2015 high on the cards? - Commerzbank

Ross J Burland FXStreet

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."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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