Commerzbank’s technical view on euro / yen

Karen Jones, head of technical analysis at Commerzbank, details the possible bull and bearish scenarios in EUR / JPY. “EUR / JPY is limited in growth – it can be a top or continuation pattern. We note that intraday signals have become more negative. He again bounced off the support line at 132.17, but it starts to look weak. Despite the upward trend, the euro is still able to repeat the recent high at the level of 134.50 / 58 – this is the maximum since November 2015, as well as a double correction of Fibonacci. This level is the key short-term and medium-term – a breakthrough higher here will help expand the opportunities for testing the resistance line of 2008-2017. at the level of 140.46 / 141.06. Only a close below the recent low of 131.16 will confirm that the market formed the top and confirmed the sell signal and the drop to 128.50 and the low of August 127.57.

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