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EUR/JPY has again recovered ahead of the one-month uptrend line at 116.76 which is expected to underpin the market, according to Commerzbank’s Karen Jones. 

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“Beyond the uptrend line at 116.76 we should see 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 116.86/76, 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.”