EUR/JPY scope for a visit to 134.32 – Commerzbank

Pablo Piovano FXStreet

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”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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