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Following the ongoing recovery, the cross is now poised to test the 131.13/98 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY is poised to retest the 200 day ma, 55 week ma and the July high at 131.13/98. While it is possible that this will provoke some profit taking, Elliott wave counts suggest that dips should now hold at circa 128.40-127.90. A move above the July high at 131.98 would retarget the 133.48 April peak”.

“Below 127.85 would leave the market back on the defensive and suggest losses back to the 124.91 mid August low”.

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