EUR / JPY has hit 20 month highs and is approaching the six year resistance line at 127.53. Above that level, the pair would target the 200-month ma at 130.57, reports Karen Jones of Commerzbank.
Plus – EUR / JPY Price Analysis: Sold-off at the bullish key $ 126.80 of the uptrend line
EUR / JPY remains supported by the four month uptrend at 124.72. We are in the 20 month highs and are approaching the 2014-2020 resistance line at 127.53. A resistance line only connects 2 points and we have no major prejudices as to whether it will hold or not. ”
“Above the downtrend of 127.53 we have 200 months Monday at 130.57.”
Below 126.34, the January high would be 122.88. The latter keeps the July low at 120.28. “