EUR/JPY short term support lies at 113.75 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross remains well supported at 113.75 in the short run.

Key Quotes

“EUR/JPY’s foray above the mid-June low at 115.51 has been short lived with an interim top having been formed at 116.37 in early September. It currently flirts with the four month support line at 113.75 which should offer short term support”.

“Once slipped through, the August lows at 112.35/32 will be back in the picture”.

“Further down lurk the 110.88/84 July lows and also the 109.30 June low”.