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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested there is room for the cross to advance to the 131.34/50 band.

Key Quotes

EUR/JPY has eroded the 55 day ma, the 2018 downtrend line and the 130.35 mid June high – and upside risks are growing. The DMI now has a buy signal and the market has broken above the daily cloud for the first time since February and this has increased the risk of a break higher. We look for further gains to the 131.34/50 May highs and 55 week ma and possibly even for the 133.48 April peak”.

“The market stays bid above the 128.07 support line”.