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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recovery in the cross still has legs.

Key Quotes

EUR/JPY has, we believe, temporarily stalled at 128.55 but should continue to recover from the 78.6% retracement at 126.66. In order to restore upside pressure, rallies will need to regain the 130.20 22nd October high and preferably the 200 day ma at 130.36″.

“Rallies will find initial resistance at 130.20/36, the 22nd October high and 200 day ma. These guard 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”.