EUR/JPY: Nearing the 55-day moving average at 117.59 – Commerzbank

EUR/JPY is swiftly heading back up towards the 55-day moving average at 117.59 and the late April high at 117.77, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“If the 55-day moving average is overcome, the April high and also the 200-day moving average at 119.03/119.30 will be back in the picture. Further up the 2020 resistance line can be seen at 119.74.” 

“Minor support below the 116.15 March low comes in at the 115.34 midMay trough. Further down sits the current May low at 114.44.”