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EUR/JPY has eroded long-term downtrends at 120.87/121.74 and now is heading to the 200-week ma at 124.51, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“EUR/JPY has broken above longer-term downtrends including the 2018- 2020 downtrend at 121.74. It will be interesting to see if it can maintain this break for a weekly close above here and the 122.88 January high (i.e. today’s close).” 

“This has been such a directional move the market is already approaching the 200-week ma at 124.51. This guards the 128.42 2014-2020 resistance line.” 

“Dips will find support at 121.38 the February high and the 118.18 uptrend.”