EUR/JPY: Off Key April Lows 121.70 - Commerzbank
Axel Rudolph, analyst at Commerzbank explained that EUR/JPY retested its
April low at 121.71 by dropping to 121.75 last week before stabilizing.
"It should remain above this area today (intraday), but we are unable to rule out slippage to the 120.00/119.75 zone over the coming days.
Resistance sits between the 124.67 March 22 low and the 55 day moving average at 124.99."
"Further resistance can be seen between the three month resistance line at 126.36 and the late April high at 126.45."
"Still further resistance comes in at the 127.27/128.22 mid- and late March highs. Key resistance remains the 128.34 2014-16 downtrend line, and this will need to be overcome to adopt a more positive outlook."