EUR/JPY: Rally to fade at the 133.13/48 area – Commerzbank

EUR/JPY is approaching tough resistance at 133.13/48. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to see some selling pressure at this point.

Bullish while above the uptrend at 130.55

“EUR/JPY remains bid and is on course for 133.13/48, these are the highs from April 2018 and September 2018 and we suspect that they may provoke some profit-taking.” 

“Our longer-term target is the 137.51 2018 high.” 

“Uptrend support at 130.55 is reinforced by the 55-day ma at 130.37 and while above here, attention remains on the topside.”