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EUR/JPY door open for a test of 137.40/66 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent upside in the cross has opened the door for a visit to the 137.40/66 area.

Key Quotes

EUR/JPY has cleared the 200 day moving average and the two month resistance line and in doing so suggests a move to the 137.40/66 – the September high and the 4 month downtrend, where we suspect it will fail”.

“A close above here is needed to restore upside pressure. Key short term support is the 6 month uptrend at 133.79.We note the TD perfected set up on the 240 minute chart and would allow for a dip to 135.95 intraday”.

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