Forex Flash: EUR/JPY upmove to re-assert - Commerzbank

FXstreet.com (Barcelona) - As the EURJPY holds its 6 week uptrend at 117.33, reinforced by the 2 month uptrend at 115.64, the upmove is expected to re-assert: "Initial target is the 120.75 recent high and then 121.55, the 61.8% retracement of the move down from the end of 2009 en route to the 123.00/33 2011 high and 38.2% retracement of the move down from 2008", wrote analyst Karen Jones.

"However we are wary of the upmove slightly longer term - we have a TD perfection set up (Tom de Mark warning flag that the move may be about to reverse) on the weekly, but currently while above the uptrend we will give the upside the benefit of the doubt", Jones added.