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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains poised to visit the 130.20 area, where lies the 200-day SMA.

Key Quotes

EUR/JPY continues to recover from the 78.6% retracement at 126.66. The market is poised to challenge the 200 day ma at 130.21. A close above here is needed to restore upside pressure. The 200 day moving average 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”.