EUR/JPY could attempt a test of the 130.00 area – Commerzbank

Another test of the 130.00 neighbourhood remains on the cards as long as 127.46/57 underpins, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“EUR/JPY remains above its 127.46 late June low and tries to Resistance line is at 129.97 bounce off its current August low at 127.57. As long as it holds, the one month resistance line at 129.97 could be revisited”.

“Below 127.46 we look for slippage to the May high at 125.81”.

“Initial resistance at 130.39 (August 16 high) guards the recent high at 131.40. Only above here would reintroduce the 134.32/61.8% of the move down from 2014”.