EUR/JPY targets the 200-week moving average at 124.75 – Commerzbank

EUR/JPY has cleared the January high at 122.88 and now is trading around 123.30. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 200-week ma at 124.75.

Key quotes

“EUR/JPY has eroded the January high at 122.88 and maintains our target of the 200-week ma at 124.75. The June high lies just ahead of here at 124.43 and we would expect this to hold for some profit taking.”

“We will retain our overall bullish outlook while three-month support line at 121.30 and, more importantly, the current July low at 120.28 underpin.” 

“The 200-week ma at 124.75 guards the 2014-2020 resistance line at 127.90.”