Forex Flash: EUR/JPY upside with benefit of the doubt for now - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts were targeting 117.90 (June 2011 high), which was reached, but unlike expectations, the market hasn't been taking profits: "None has been seen so far and we will give the upside the benefit of the doubt for now", wrote analyst Karen Jones, pointing 123.33 (2011 high) next.

"The market has recently seen a strong rally from its cloud support on its 240 minute chart (this is now located at 113.91) below here lies 112.59 (short term uptrend) and the 111.43/57 zone (October 2011 and March 2012 high)", Jones added, bullish biased while underpinned there.