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EUR/JPY losing the 138 handle or just a rest bite?

FXStreet (Guatemala) - EUR/JPY is trading at 137.80 and finding bids post the fall out from the above the 138 handle.

Karen Jones, Analyst at Commerzbank, explained that EUR/JPY had seen an aggressive rally higher and in doing so dramatically altered their 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”.

EUR/JPY levels

The 20 DMA is 137.06, the 50 DMA is 137.53 and the 200 DMA is 139.89. RSI reads 66.33 while support comes 136.58, 136.98, 137.20 and 137.52. Spot is 137.80 while resistances are 138.46, 138.77, 139.29 and 139.41.

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