EUR/JPY: Break above June peak of 134.12 to clear the way towards 2018 high at 137.51 – Commerzbank

EUR/JPY has sold off to the 2020-2021 uptrend at 129.47. The pair is expected to bounce from here and soar as high as the 2018 peak of 137.51, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/JPY targets 134.12, the June high

“EUR/JPY has reached the 129.44/47 78.6% retracement and 2020- 2021 uptrend, which should hold the initial test. Resistance is the 131.86 near term downtrend and then the 134.12 June peak.” 

“Below 129.40 lies 128.74, the 6th October low and the 127.94/50, August and September lows and the February 2019 high.” 

“Longer-term, a break above the June peak is favoured, and will introduce scope to 137.51.”

See – EUR/JPY: Strong hint of bullish intentions, further gains ahead – DBS Bank