EUR/JPY to enjoy considerable gains towards the 137.51 2018 high – Commerzbank

EUR/JPY remains bid despite minor dip. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to advance nicely and eventually reach the 137.51 mark.

“EUR/JPY last week charted a 2-year high at 132.36, which has not been confirmed by the daily RSI. This reflects a loss of upside momentum and we would allow for a dip lower and some near term consolidation and we will attempt to buy the dips lower.”

“Ideally dips will be contained by the 6-month uptrend at 129.91. Uptrend support is reinforced by the 55-day ma at 129.69. 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.”

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