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12 Sep 2013
Flash: EUR/JPY breaking towards upside? – ANZ
FXstreet.com (Lisbon) - JPY weakness appears to be returning on the break of a rising wedge – above 132.00 for the EUR/JPY, notes Tim Riddell, Head of Global Markets Research at ANZ.
Key quotes
However, “a close above this year’s 133.85 high is needed to provide the impetus for more pronounced gains through a range flip target of 135.00 for a retest of the 2009 highs in the 138.55-139.20 area.”
“Concerns that current gains may be part of a frustrating consolidation remain. Although this would imply further frustrating consolidation patterns, recent price action underscores an underlying positive profile.”
“Dips ought to hold 132.00 to maintain upside potential and faltering in front of 133.85 would be concerning. A fall below 131.50 could unravel recent gains and force an uncomfortable test of key rising support at 129.60.”
Key quotes
However, “a close above this year’s 133.85 high is needed to provide the impetus for more pronounced gains through a range flip target of 135.00 for a retest of the 2009 highs in the 138.55-139.20 area.”
“Concerns that current gains may be part of a frustrating consolidation remain. Although this would imply further frustrating consolidation patterns, recent price action underscores an underlying positive profile.”
“Dips ought to hold 132.00 to maintain upside potential and faltering in front of 133.85 would be concerning. A fall below 131.50 could unravel recent gains and force an uncomfortable test of key rising support at 129.60.”