EUR/JPY targets the 129.55 mark – Commerzbank

EUR/JPY has broken through key resistance at 127.50/60 and into two-year highs. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 129.55 level.

Key quotes

“EUR/JPY is at last breaking above the 127.50/60 highs. Our target remains 129.55, the 50% retracement of the move down from 2014 and 130.35, the 55-month moving average. “

“We look for the market to remain underpinned by its 55-day ma and uptrend at 126.45/43.”

“Key support near-term remains the October and November highs at 125.13/09.”