EUR/JPY now targets 133.00 and above – Commerzbank

The cross is seen advancing towards the 133.00 neighbourhood, according to Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“EUR/JPY has risen above the 200 day ma at 132.26 and nears the January low and February 21 highs at 133.05/09. Further up lies the 134.25 61.8% Fibonacci retracement. Dips lower should find interim support at the 131.82 late March high and further support at the 131.16 November low. This guards the recent low at 128.96, the March low”.

“Below 128.96 would trigger a slide to the 127.27 August 2017 low and suggests scope for the 125.58/50% retracement of the move up from 2017 (not favoured)”.