EUR/JPY still points to 112.35/32 – Commerzbank

The cross remains poised for a new test of the 112.30 area, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“EUR/JPY has spent the last two weeks side-lined before being rejected by the three month resistance line at 113.79. It is likely to remain on the defensive below this line and still targets the 112.35/32 current August lows”.

“Once this support area has been slipped through, the 110.88/84 July lows will be targeted and the 109.30 June low as well”.

“The 55 day ma comes in at 115.04. It will need to be cleared for the July highs at 118.37/45 to be reached”.