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EUR/JPY is eroding the 55-day ma at 124.75 but expected to struggle, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“EUR/JPY is again probing the 55-day ma at 124.75 but we have yet to see a close above here. We also note the TD perfected set up on the daily chart and this suggests that the market should struggle to maintain gains.”

“Should a close above the 55-day ma be seen this will reintroduce the idea of challenging the 2014-2020 resistance line at 127.08, which we again would allow to hold.” 

“We have a support line at 123.08 ahead of 122.38, the September low.”