The EUR/JPY maintains the five-month uptrend at 123.57 after falling 200 week moving average in 125.22. Karen Jones, head of the technical analysis research team at the FICCI in the Commerzbank, points to the September low at 122.38 on a break below the aforementioned uptrend, while a break above the 125.29 resistance would open the way to 126.93.
“The EUR/JPY it remains below the 200-week moving average at 125.22, but the market has yet to break out of the five-month uptrend at 123.57 and has bounced from here. We assume that the market is lateralized. ”
“Below the uptrend we are targeting 122.38, the September low and there is room to fall to the 200-day moving average at 121.15.”
“Only a break above the Fibonacci resistance at 125.29 would initiate a readjustment of the 2014-2020 resistance line at 126.93, which again would allow the upside to remain limited.”
Credits: Forex Street
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