EUR/JPY to retest the three-month support line at 121.02 – Commerzbank

EUR/JPY gains 0.06% while rising to 121.28 during the Wednesday session as the pair is supported by the 121.02 which is probable to be revisited today, Commerzbank’s Axel Rudolph reports.

Key quotes

“EUR/JPY’s outlook remains short-term bullish while the three-month support line at 121.02 underpins. This is likely to be revisited today.” 

“We still look for the cross to recover further and expect the 200-week moving average at 124.67 to eventually be revisited. It guards the 2014- 2020 resistance line at 128.15.” 

“We continue to favour the topside as the currency pair recently charted an outside day to the upside and recovered from around the 200-day moving average at 119.72.”