EUR/JPY: 134.40 back on the plate? - Commerzbank

Analysts at Commerzbank explained that EUR/JPY rallied back to its current October high at 133.50.

Key Quotes:

"...a rise above which will put the September peak at 134.40 back on the plate. Below good support at 131.75/68, where the last month’s lows were made, lies the 55 day moving average at 131.27. Should it be slipped through, the mid-September low at 130.64 would be in focus."

"Below it lies the September low at 129.40 and the August low at 127.57. Immediate downside pressure will be maintained while the cross continues to trade below the current October high at 133.50. Where are we wrong near term? A move above the 134.58 November 2015 high would target the 2008-2017 resistance line at 140.90."