EUR/JPY key resistance is located in the 121.30 area – Commerzbank

In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the area around 121.30 remains a key resistance region for the cross.

Key Quotes

“EUR/JPY is easing back from its 116.29/37 September and current October highs”.

“A close above 116.29/37 would imply that the cross has based short term. Note that it traded above its daily cloud for the first time in 14 months last week. This is bullish behaviour”.

“Key resistance remains the 2014-2016 downtrend at 121.36”.

“Dips lower should end along the 55 day moving average at 114.25”