According to Karen Jones, Analyst at Commerzbank, the EUR/JPY cross is bid in its range and looks set to retest the recent high 134.50/58.
"this is the high from November 2015 and also a double Fibonacci retracement. This level is key short to medium term - a close above here will introduce scope for a test of the 2008-2017 resistance line at 140.46/141.06. Currently it remains in the middle of its recent range."
"Only a close below the 131.16 recent low and the 130.81 support line will confirm that the market has topped."
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