Back
14 May 2013
Forex: EUR/JPY in 3-year highs above 132.60
FXstreet.com (Barcelona) - The weakness surrounding the Japanese yen is pushing the cross to levels above 132.60 on Tuesday, last seen in January 2010.
“Our slightly longer term target remains 136.71, the upside measurement from a wedge, which completed back in November 2012. The measurement higher from the triangle is 137.24. We still have a time zone gap which extends back to 130.25 and it is still possible that this will be partially filled ahead of further gains”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment the pair is up 0.39% at 132.63 and a surpass of the psychological mark at 133.00 would aim for 133.65 (high Jan.14 2010) and finally 133.82 (Jan. 12 2010).
On the other hand, support levels line up at 131.53 (low May 14) ahead of 131.31 (low May 13) and then 131.10 (high Apr.11).
“Our slightly longer term target remains 136.71, the upside measurement from a wedge, which completed back in November 2012. The measurement higher from the triangle is 137.24. We still have a time zone gap which extends back to 130.25 and it is still possible that this will be partially filled ahead of further gains”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment the pair is up 0.39% at 132.63 and a surpass of the psychological mark at 133.00 would aim for 133.65 (high Jan.14 2010) and finally 133.82 (Jan. 12 2010).
On the other hand, support levels line up at 131.53 (low May 14) ahead of 131.31 (low May 13) and then 131.10 (high Apr.11).