EUR/JPY remains positive while above 131.09 – Commerzbank

Pablo Piovano FXStreet

The cross could still test 133.00 and beyond as long as it trades above the 200-day SMA at 131.09, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“Yesterday EUR/JPY dropped to the July peak at 131.99 before recovering”.

“While remaining above the 200 day moving average at 131.09 a rise towards the 133.13/48 April and current September highs should be seen. Above it lies the 135.24 1979-2018 downtrend line. Still further up sit the 137.51 2018 high and the 138.02 2008-2018 resistance line”.

“We have a support line at 129.51 and while above here the cross is deemed to be bid”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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