EUR/JPY key support seen at 131.75/68 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, dips in the cross should find support in the key 131.75.68 area.

Key Quotes

“EUR/JPY a potential top remains viable despite yesterdays rebound and attention is on key support, which remains 131.75/68. We await a confirming close below here to complete the top pattern. It is where the last month’s lows were made and the 55 day moving average at 131.72 can also be found in this vicinity. Intraday rallies are indicated to terminate circa 132.60/133.00”.

“A close below 131.68 would then target the mid-September low at 130.64, the September low at 129.40 and the August low at 127.57”.

“A move above the 134.58 November 2015 high would target the 2008-2017 resistance line at 140.90/141.00”.