Forex Flash: EUR/JPY potential upside to 129.60 medium-term – Commerzbank

FXstreet.com (Barcelona) - The pair is posting gains for the third consecutive session on Monday, boosted by the increased weakness in the Japanese yen after BoJ’s Kuroda announced his QQE programme and the recent upbeat tone in the single currency, propped up by the ECB inaction and weak US jobs data.

After the recent jump of the pair, Karen Jones, FICC Technical Analysis at Commerzbank, commented, “Directly overhead lies tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009. This remains our medium term target. Our longer term target is 136.71 (upside measurement from a wedge)”.