EUR/JPY Bullish Above 123.36 – Commerzbank
The cross will keep its bullish bias while above 123.36, suggested Senior Technical Analyst at Commerzbank Axel Rudolph.
“EUR/JPY’s rapid bounce off its current April low at 121.71 has taken it to the 55 day moving average at 125.38 which caps for now. Above it the three month resistance line can be seen at 126.63. Further resistance comes in at the 127.27/128.22 mid- and late March highs”.
“Immediate short term bullish pressure will be maintained while above the 123.36 April 21 low”.
“Currently unexpected failure there would put the 122.08/121.71 area back on the map. It is where the March and April lows were made. Only failure at 122.08/121.71 would target the 120.00 region”.