EUR/JPY room for a test of 128.11 – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the cross could slip back to the 128.11 region.

Key Quotes

“EUR/JPY still targets the June 8 low at 128.11 which will be in focus once the July 4 and current August lows at 128.51/49 have given way. Below the 128.11 level the late June low can be spotted at 127.15”.

“Immediate downside pressure will be maintained while the currency pair stays below the 130.35 June high. Above it sits the July 31 high at 131.15”.

“? Only arise above the July high at 131.98 would re-instate a bullish view and lead to the April peak at 133.48 being reached”.