EUR / JPY maintained the break of the 2018-2020 downtrend at 121.74 and is now pointing to the high of 122.88 January, reports Karen Jones, FICC Technical Analysis Research team leader at Commerzbank.
“EUR / JPY outperformed longer term bearish trends, including the 2018-2020 bearish trend at 121.74. It will be interesting to see if he can maintain this break for a weekly close above here and the high of 122.88 January. It has been such a directional movement that the downward trend is exposed. ”
“The weaker declines should find initial support at 119.88 and be contained by the short term uptrend at 118.00.”
“Please note that May was a reversal of the key month and that we should see a higher break – this would target the 124.42 months of 55 weeks and the 130.65 months of 200 weeks.”