EUR/JPY: Scope for a climb as high as the 137.51 2018 high – Commerzbank

EUR/JPY continues to track higher. The pair’s next target is the 134.12 June high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/JPY is looking for further gains

“EUR/JPY has maintained its gains. We look for a move to 132.69/80, the 23rd June high and 78.6% retracement. This is regarded as the last defence for the 134.12 June peak.”

“Longer-term, a break above here is favoured and will introduce scope to 137.51.”

“Dips should find initial support at 130.74/46, the September highs and 129.57, the 20-day ma ahead of 128.74, the 6th October low and the 127.94/50, August and September lows and the February 2019 high.”