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Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a bullish bias on EUR/JPY as the pair has rebounded from the 200-day moving average at 119.68 and is targeting the 200-week moving average at 124.64.

Key quotes

“EUR/JPY’s outlook remains neutral to bullish.” 

“We look for the cross to stabilise and recover further and expect the 200-week moving average at 124.64 to eventually be revisited. It guards the 2014-2020 resistance line at 128.15.” 

“We continue to favour the topside as the currency pair recently charted an outside day to the upside and recovered from around the 200 day-moving average at 119.68.”