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EUR/JPY: longer term targets 127.59 - Commerzbank

FXStreet (Guatemala) - Analysts at Commerzbank explained that EUR/JPY has failed to maintain a break of the 55 week ma, which lies at 137.04.

Key Quotes:

"It has also failed at the 78.6% retracement at 137.55 and we continue to view the upside as limited, but near term the market is finding some support at 135.00. Only loss of 134.80 will alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement. Above 137.40 last weeks high, here is scope for the current advance to reach 138.22 the 3 month resistance line.

Slightly longer term we remain negative and we target the 2013-2015 support line at 127.59 currently. Initial support will be the 131.80 then 129.28 Fibonacci retracements of the move seen this year."

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