EUR/JPY approaches six-year resistance line at 127.53 – Commerzbank

EUR/JPY has reached 20-months highs and is approaching the six-year resistance line at 127.53. Above this level, the pair would target the 200-month ma at 130.57, Commerzbank’s Karen Jones reports. 

More – EUR/JPY Price Analysis: Sold-off at key $126.80 rising trendline hurdle

Key quotes

“EUR/JPY remains underpinned by the four-month uptrend at 124.72. We are in 20-month highs and approaching the 2014-2020 resistance line at 127.53. A resistance line only connects 2 points and we have no strong bias on whether this will hold or not.” 

“Above the 127.53 downtrend we have the 200-month ma at 130.57.”

“Below 126.34 would target the January high at 122.88. The latter guards the July low at 120.28.”