Commerzbank: break up into a pair of euro / yen is unlikely to happen

The pair euro / yen is trying to overcome the key resistance of 134.40 - 135.25, which at the level of 135.15 runs 55-day moving average. Commerzbank analysts note that so far the couple could not pass the last level, and perhaps this time the situation will repeat itself. While the euro / yen is kept below the resistance of 135.25 and 136.90 (a maximum of 9 June), follow the Bear in the bank forecast in the short and medium term. According to currency strategists Commerzbank, in order to offset the upward pressure, the pair need to break the level of 131.60. In this case, may further decrease to a level of 127.00. Above the 136.90 mark, that the bank believes the less likely the possibility of growth to the recent peak 139.25. Now a pair of Euro / yen traded at 135.03.