EUR/JPY to win back the current 134.12 June high – Commerzbank

The Japanese yen is back under pressure. Consequently, the EUR/JPY pair has bounced off the current June low at 132.66. Next target is spotted at the 133.75 level, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.

Positive bias while above the uptrend at 131.90

“EUR/JPY remains above the six-month uptrend line at 131.90 which is reinforced by the 55-day moving average at 131.88. While above there, a longer term upside bias will remain in play.” 

“Initial resistance above the June 10 high at 133.75 comes in at 134.12, the current June high.”

“Our longer-term target is the 137.51 2018 high.”

“Immediate support below the recent low at 132.66 can be spotted between the April high and late May low at 132.53/36.”