EUR/JPY reaches two-year highs, next target is the 137.51 2018 high – Commerzbank

EUR/JPY is trading in two-year highs and as the uptrend support at 129.72 is reinforced by the 55-day moving average at 129.44, the pair targets the 137.51 2018 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Failure at the 55-DMA will be needed to further alleviate upside pressure 

“EUR/JPY has bounced from the uptrend at 129.71 and is in new 2 year highs. We will attempt to buy the dips lower.” 

“Uptrend support is reinforced by the 55-DMA at 129.44, while it holds attention remains on the topside and resistance at 133.13/48, these are the highs from April 2018 and September 2018.” 

“Target is the 137.51 2018 high.”