EUR/JPY breaking higher – Commerzbank

EUR/JPY has shot aggressively higher and has eroded the mid-October high at 121.47. Analysts at Commerzbank set the next resistances to watch in the pair. 

Key quotes

“We await a close above 121.47 to confirm the break higher. But for now, our attention is on the 122.63/88 the recent high, it is possible that this will hold the initial test. Above here will target 123.68, the 2018-2020 downtrend.”

“Raise the stop to 120.00. Exit 122.50.”