EUR/JPY looks for further gains towards the 134.12 June high – Commerzbank

EUR/JPY is viewed in a positive light. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to continue enjoying positive momentum.

Dips to find initial support at 130.46

“EUR/JPY is viewed in a positive light following the recent break above key nearby resistance at the 130.55/74 July and September highs, and the 50% retracement and mid-July high at 131.03/08.”

“We look for gains 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.”

“Dips should find initial support at 130.46, the 29th September high and 129.57, the 20 day ma ahead of 128.57, the 6th October low and the 127.94/50, August and September lows and the February 2019 high.”