Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a bullish bias on EUR/JPY as the pair has rebounded from the 200-day moving average at 119.68 and is targeting the 200-week moving average at 124.64.
“EUR/JPY’s outlook remains neutral to bullish.”
“We look for the cross to stabilise and recover further and expect the 200-week moving average at 124.64 to eventually be revisited. It guards the 2014-2020 resistance line at 128.15.”
“We continue to favour the topside as the currency pair recently charted an outside day to the upside and recovered from around the 200 day-moving average at 119.68.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.