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”.
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