EUR/JPY to enjoy a considerable gain towards 132.80 – Commerzbank

EUR/JPY is approaching the mid-July high at 131.08. While the pair may see some consolidation here, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 132.80 mark.

Nearby support is at 130.29

“EUR/JPY has eroded the 130.55 end of July high and looks to challenge the 50% retracement and mid-July high at 131.03/08. We may see this hold the initial test, and a minor dip back from here near term ahead of further gains.”

“We target 132.69/80, the 23rd June high and 78.6% retracement.”

“Nearby support is the 130.29 accelerated uptrend and the 128.60 mid-July low ahead of 127.95, the recent low. This is reinforced by the 55-week ma at 127.99 and while above here an upside bias is maintained.”