EUR/JPY: Bouncing further off April spike low at 115.73 – Commerzbank

EUR/JPY is seen bouncing off its current April spike low at 115.73, Axel Rudolph from Commerzbank reports.

Key quotes

“Rallies should find initial resistance at the 55-day moving average at 118.74 and at the current April high at 119.03.” 

“Only a now unexpected fall below the September and current April lows at 115.87/64 would put a 61.8%/78.6% Fibonacci retracement cluster of the 2012-2014 and the 2016-2018 advances at 115.39/34 on the map.”