EUR/JPY upside could reach 118.37/45 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross could attempt another test of the 118.37/45 area.

Key Quotes

“EUR/JPY is still seen bouncing off the 112.35/32 current August lows and now trades above the 55 day ma at 114.73. It will need to be cleared on a daily chart closing basis for the July highs at 118.37/45 to be reached”.

“Medium term once the support area at 112.35/32 has been slipped through, the 110.88/84 July lows will be targeted and the 109.30 June low as well”.