EUR/JPY continues to recover off the one month uptrend line at 117.11 which is expected to underpin the market, according to Commerzbank’s Karen Jones.
Read: Above 116.94, EUR/JPY can see a base maintained with resistance seen at 118.53/63 – Credit Suisse
Key quotes
“We look for recovery to the April high and also the 200-day moving average at 119.03/119.30. Further up the 55-week ma lies at 119.73 and the 2019-2020 resistance line lies at 121.00.”
“Dips will find support at 116.86/93, the mid-May high and the near term uptrend and an upside bias remains while above there. 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.”
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