EUR/JPY is near the June high of 134.12. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, would allow for some profit-taking ahead of the June high of this level.

EUR/JPY targets the 137.51 2018 high in the long-term

“EUR/JPY is approaching the 134.12 June peak and this is expected to hold the initial test. We would allow for a near-term corrective set back.”

“Longer-term, a break above the June peak is favoured, and will introduce scope to 137.51.”

“Dips should find initial support at 130.74/46, the September highs and 128.74, the 6th October low and the 127.94/50, August and September lows and the February 2019 high.”