EUR/JPY to post a rebound towards the 129.75 mark – Commerzbank

The EUR/JPY pair is seeing profit-taking ahead of the 55-week moving average at 127.92. Therefore, euro/yen is set to consolidate and advance in search of the 200-day moving average at 129.13, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

EUR/JPY may revisit the early year at 127.50

“EUR/JPY has reached the March lows at 128.30/20 and attention is on the 55-week ma at 127.92. We are seeing some near-term profit taking here.”

“Rebounds from 127.92 will find initial resistance at the 200-day ma at 129.13 and the 20-day ma at 129.35, together with the minor downtrend at 129.75.”

“Below the 55-week ma at 127.92 lies the 127.50 February 2019 high and the 200-week ma at 125.95.”