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”.