EUR/JPY set to recapture the current June high at 134.21 – Commerzbank

EUR/JPY recovers from support at 129.97/59 as the Japanese yen remains under pressure. The pair now looks to rise above the 132.36 April high, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Support sits at 129.97/59

“EUR/JPY formed an interim low at this week’s low at 130.05, made marginally above the February high and April low which can be seen at 129.97/59, and has now reached initial resistance at the 55-day moving average at 132.04 and also the breached uptrend line at 132.28 which caps for now.” 

“Above 132.28, the April high can be spotted at 132.36. Further minor resistance can be found at the June 10 and 15 highs at 133.69/75 as well as at 134.12, the current June high.” 

“Below the current June low at 130.05 lies the March lows at 128.30/20 and the January high at 127.50.”