EUR/JPY: en-route for 134.58 November 2015 high? - Commerzbank
Analysts at Commerzbank explained that EUR/JPY did not manage to close below 131.68 – the potential top is not confirmed.
"However, for now, it continues to be viewed as viable."
"The near-term rebound appears to have recently terminated circa 133.135. We await a confirming close below 131.68 to complete the potential top pattern. This is the location of last month’s lows."
"A close below 131.68 would then target the mid-September low at 130.64, the September low at 129.40 and the August low at 127.57."
" Bottom of the cloud support lies at 130.98 and ideally we will need a close below here to add bearish weight to the view."
"Where are we wrong near term? A move above the 134.58 November 2015 high would target the 2008-2017 resistance line at 140.90/141.00."