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EUR/JPY supported at 136.37 – Commerzbank

FXStreet (Edinburgh) - The cross could see a retracement from current levels that will find decent support in the 136.35/40 area, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY has seen an aggressive rally higher and in doing so dramatically altered our outlook”.

“We suspect that it is in fact trying to complete an inverse head and shoulders pattern and this will complete on a close above the 138.07 August high”.

“This would introduce scope to the 2013-2014 downtrend and 200 day ma at 139.86/90”.

“We will revert to neutral at this point, we note that the market has reached the top of its daily cloud at 138.23 and we may see a small retracement ahead of further gains”.

“Support is seen at 136.37 the 24th July low and 135.73 the 8th August low”.

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