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EUR/JPY has eroded the 55-day moving average at 117.57 and the late April high at 117.77, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“We look for a challenge of the 200-day moving average at 119.03/119.30. Further up the 55-week ma lies at 119.85 and the 2019-2020 resistance line lies at 121.06.”

“Minor support lies at the 116.86 12th May high and the 116.15 March low. Below here lies the 115.34 mid-May trough. Further down sits the current May low at 114.44. This is viewed as an interim low.”