EUR/JPY to see further gains towards the 133.13/48 zone – Commerzbank

EUR/JPY is consolidating recent gains. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains an upside bias while the pair trades above the 130.10/129.87 neighborhood.

Near-term resistance lies at 133.13/48

“EUR/JPY continues to ease lower near-term, it recently charted a two-year high at 132.36, which has not been confirmed by the daily RSI. We are seeing some near-term consolidation ahead of further gains.”

“Ideally dips will be contained by the six-month uptrend at 130.10. Uptrend support is reinforced by the 55-day ma at 129.87. While it holds, attention remains on the topside.”

“Near term resistance lies at 133.13/48, these are the highs from April 2018 and September 2018.” 

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