EUR/JPY to suffer further downside pressure towards 127.95 – Commerzbank

EUR/JPY has peaked at 130.74. The pair is set to tick down towards the 127.95 recent low, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Upside bias while above the 55-week ma at 128.11

“EUR/JPY has topped near- term at 130.74 and is likely to come under further downside pressure.”

“Nearby support is the 129.50/52 200-day ma ahead of the 128.60 mid-July low and 127.95, the recent low. This is reinforced by the 55-week ma at 128.11 and while above here an upside bias is maintained longer term.”