Analysts at Commerzbank explained that EUR/JPY last week rallied towards and halted just ahead of the 200 day ma at 130.14 and the 22nd October high at 130.20, but note that 126.66 is a key last defence support.
Key Quotes:
“A close above 130.20 is needed to restore upside pressure. This guards 133.13/48, the highs since April. Above 133.48 lies the 134.27 1979-2018 downtrend line. Still further up sit the 137.51 2018 high and the 137.87 2008-2018 resistance line. The 126.66/64 support is the last defence for the 124.91/62 May and August low. This guards the 124.08 December 2016 high and 122.40 June 2017 low.”
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