EUR/JPY: Is bouncing from the 5 month uptrend - Commerzbank

Karen Jones, Analyst at Commerzbank provides a technical outlook for the EUR/JPY cross as investors await the key release of final EZ CPI print for fresh impetus. 

Key quotes:

“EUR/JPY is approaching tough resistance offered by the 136.62 recent high and the 137.18 downtrend from 1981. We would expect this to hold the topside. Dips will find initial support at 134.88/50 ahead of the 133.28 uptrend.”

“Below the 133.28 uptrend and the 133.09 January low should be enough to re-target the 131.16 November low. Only a close below here would negate the up move and suggest losses to 128.50 and the 127.57 August low.”