EUR/JPY to hold the 130.33/36 zone – Commerzbank

EUR/JPY is probing major resistance at the 103.33-36 neighborhood, which is expected to be held, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. 

Key quotes

“EUR/JPY is probing two major levels of resistance – 130.33, the 200-month moving average and the second is the 130.36 2008-2021 resistance line. This should hold and provoke failure. However, we acknowledge that the market is currently bid.”

“Initial support is the 20-day ma at 128.85 and the uptrend at 127.66.” 

“Key support near-term remains the October and November highs at 125.13/09. Failure at 125.09 targets the 61.8% retracement at 123.87 and the seven-month uptrend at 123.96.”