Forex Flash: EUR/JPY needs a close above 111.38/112.17 to confirm leg higher - Commerzbank
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EUR/JPY
FXstreet.com (Barcelona) - The EURJPY has cleared a key juncture on the chart as well as a medium term upside objective, 111.38/112.17 (triple Fibonacci resistance and its 114.93 200 week moving average). Now, Commerzbank analysts need to see a close above here to confirm that the next leg higher is underway.
"For now will simply go with it. Longer term the falling wedge pattern offers an upside measured target to 136.71, however there are a number of objectives en route and a weekly close above 114.93 will see the 116.71/50% retracement of the move down from 2009 engage en route to the 117.90 June 2011 high and the 123.33 2011 high itself", wrote analyst Karen Jones, expecting dips to find that 111.43/57 (October 2011 high and the March 2012 high) offer interim support ahead of the 110.60 short term uptrend.
"For now will simply go with it. Longer term the falling wedge pattern offers an upside measured target to 136.71, however there are a number of objectives en route and a weekly close above 114.93 will see the 116.71/50% retracement of the move down from 2009 engage en route to the 117.90 June 2011 high and the 123.33 2011 high itself", wrote analyst Karen Jones, expecting dips to find that 111.43/57 (October 2011 high and the March 2012 high) offer interim support ahead of the 110.60 short term uptrend.
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