EUR / JPY is approaching the mid-July high at 131.08. While the pair can see some consolidation here, Karen Jones, Head of the technical analysis team at Commerzbank, is aiming for the 132.80 mark.
Close support is at 130.29
“EUR / JPY has eroded the late July high at 130.55 and is looking to challenge the 50% retracement and the mid-July high at 131.03 / 08. We may see this zone holding the initial test, and a small dip from here short term before further gains. “
“We go to 132.69 / 80, the maximum of June 23 and the decline of 78.6% “.
“Close support is at the uptrend of 130.29 and the mid-July low at 128.60 before falling to 127.95, the recent low. This is reinforced by the 55-week moving average at 127.99 and while around an upward bias remains above this area. “
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