EUR/JPY Still Focused on 120.00 – Commerzbank
Senior Technical Analyst at Commerzbank Axel Rudolph has noted the relevance of the 120.00 key support.
Key Quotes
“EUR/JPY
remains under pressure and attention remains on the 120.00 region but
we do not have much to suggest a move beyond it currently”.
“For
it to be reached a drop below key support at 122.09/121.71 needs to be
seen. It is where the March and April lows were made”.
“Key
resistance remains the 129.22 2014-16 downtrend line, and while capped
here our outlook will remain negative. Initial resistance is seen
between the 124.67 March 22 low and the 55 day moving average at 125.80,
followed by channel resistance at 127.02”.
