EUR/JPY points to consolidation near term – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross could attempt a sideline pattern in the short term.

Key Quotes

“Now that EUR/JPY has risen above the mid-June low at 115.51 the July highs at 118.37/45 are being eyed. There a reversal lower could then begin. Short term some consolidation should be seen first, though”.

“Medium term once the support area at 112.35/32 has been slipped through, the 110.88/84 July lows will be targeted and the 109.30 June low as well”.