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Flash: EUR/JPY to struggle beyond 133.82 recent highs - Commerzbank

FXstreet.com (London) - Analyst teams at Commerzbank have said that while EUR/JPY was pretty sidelined all week the very near term market is on the defensive.

They explain that the market is struggling here and the intraday charts are indicating further weakness is likely ahead of recovery. Adding, below 130.00 opens the way up for a slide to the February high at 127.71 and the 55 day moving average at 128.05 to be revisited. The 6 month uptrend is located at 126.68.

Moreover, they explained that given the 13 count on the weekly chart and the TD perfected set up, the market is likely to struggle to make gains beyond the 133.82 recent high. The see any short term bounce should fail ahead of or around the 132.78 mid- May high.

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