EUR/JPY to recover bullish momentum on a break above 131.36 – Commerzbank
|EUR/JPY stabilizes above the 200-day moving average (DMA) at 128.77. Only a break above the 131.36 would mark a bullish shift. Meanwhile, economists at Commerzbank look for a slide to the March lows at 128.30/20.
Initial resistance seen at the 130.55 late July high
“EUR/JPY remains corrective. It continues to hold over the March lows at 128.30/20 and the 200-day ma at 128.77. Only if a rebound managed to regain the 50% retracement at 131.36 would we start to pay more attention to the upside.”
“Below the 200-day ma lies the 55-week ma at 127.69.”
“Initial resistance is seen at the 130.55 late July high. Further minor resistance comes in at the 131.08 the 13th July high and the 50% retracement at 131.36. This guards 132.69/73, the mid-June highs.”
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