EUR/JPY: Looking for a test of the 200-day ma at 119.30 – Commerzbank

EUR/JPY has eroded the 55-day moving average at 117.55 and the late April high at 117.77, currently trading at 118.229. The important base noted by Credit Suisse has been marked. 

Key quotes

“We look for a challenge of the April high and also the 200-day moving average at 119.03/119.30. Further up the 55-week ma lies at 119.85 and the 2019-2020 resistance line lies at 121.06.” 

“Minor support lies at the 116.86 12th May high and the 116.15 March low. Below here lies the 115.34 mid-May trough. Further down sits the current May low at 114.44. This is viewed as an interim low.”