EUR/JPY clears 200-week ma at 124.86 and is on course to test 127.75 – Commerzbank

EUR/JPY has cleared the 200-week ma at 124.86 and is now trading around 125.20 after hitting a high near 125.60 early on Thursday. The pair is heading to test the 127.75 and will retain an upside bias while above the three-month uptrend at 122.69, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“EUR/JPY has eroded the 200-week ma at 124.86 and the market is on course to challenge the 2014-2020 resistance line at 127.75. Above here we have the 200-month ma at 130.57.” 

“An upside bias is maintained above the three-month uptrend at 122.69. This guards the current July low at 120.28.”