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Forex Flash: EUR/JPY breaking higher from triangle still need a close above 131.12 - Commerzbank

FXstreet.com (London) - Teams of analysts at Commerzbank say that EUR/JPY has eroded the recent highs at 130.73/131.12 April peak and a close above there is needed to complete the bullish triangle.

They say that their slightly longer-term target remains 136.71, the upside measurement from a wedge, which completed back in November 2012. The measurement higher from the triangle is 137.24. Their analysts suggest that dips are expected to hold above the 128.75 support line, and that this guards 125.00, the low from mid-April. Key support remains the 123.20 seven-month uptrend.

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