Commerzbank: EUR/JPY is up to test 131.98;
1)German commercial bank technical analysis believes that EUR/JPY has broken above the 200-day moving average of 131.10, and is likely to rise above 131.98, 55-week moving average and July high. Both are at this point.
- Although the exchange rate may be suppressed by some profit taking, the Elliott wave theory suggests that the withdrawal should be above 129.70/00.
3)After breaking through 131.98, it may test the April high again at 133.48. On the downside, if it falls below 127.85, it may be on the defensive again and fall back to the mid-August low of 127.85, and the euro against the yen at 130.87/89
