EUR/JPY: next target is 137.40/53 – CB

By FXStreet FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank explained that EUR/JPY has cleared the 200 day moving average and the two month resistance line.

Key Quotes:

“In doing so suggests a move to the 137.40/53 – 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.”

“Slightly longer term we remain negative and we target the 2013-2015 support line at 127.72. Initial support is at 131.80, then at the 129.28 78.6% Fibonacci retracement of the April-to-June rise.”
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Source:: FX Street