EUR/JPY faces strong resistance at 131.42/132.06 – Commerzbank

The cross should meet tough resistance in the 131.42/132.06 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY has tested and charted a key day reversal from the 200 week ma at 129.59, the recent low was 129.35. It faces immediate tough resistance offered by the 131.42 200 day ma and 132.06 20 day ma. It will need to regain these in order to alleviate immediate downside pressure and allow for a recovery to last week’s high at 132.18 as well as the high from the 21st February at 133.06 and the 55 day ma at 134.08”.

“Below 129.35 lies the 127.27 August 2017 low”.