EUR/JPY could extend the upside to 130.82 – Commerzbank

By FXStreet Further gains in the cross could allow a re-visit to the boundaries of the 131.00 handle, suggested Senior Technical Analyst at Commerzbank Axel Rudolph.

Key Quotes

“EUR/JPY revisits the 20 day moving average at 124.96”.

“We still believe that a minor bottom is being formed. It may well have been the end of the current down move and we look for further gains towards key resistance which is the 130.82 2015-16 downtrend line”.

“Only above here would negate current downside pressure”.

“Only below the 122.08 current March low would see further downside targets engaged to the 120.00 region, then 115.30”.
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Source:: FX Street