EUR/JPY: Digging into the 116.56/15 support area – Commerzbank

EUR/JPY digs into the March and current April lows at 116.56/15 below which lies 115.87, Axel Rudolph from Commerzbank informs.

Key quotes

“A slide below the 116.56/15 area would need to be seen for the 115.87 September low to be reached. Below it lies a 61.8%/78.6% Fibonacci retracement cluster of the 2012-2014 and the 2016-2018 advances at 115.39/34.”

“Rallies should find initial resistance at the 55-day moving average at 118.97 and at the current April high at 119.03.”