EUR/JPY trades in one-month highs and targets 122.88 – Commerzbank

EUR/JPY is trading in one-month highs, currently at 122.30, up 0.06% on a day. The pair has the 122.88 January high in its sights and is underpinned by 120.66 and 120.28, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, informs.

Key quotes

“EUR/JPY is trading in one-month highs and has the January high at 122.88 in its sights.” 

“We will retain our bullish outlook while three-month support line at 120.66 and the current July low at 120.28 underpin.”

“We are still looking for the cross to rise further and expect the 200-week moving average at 124.70 to eventually be revisited. It guards the 2014- 2020 resistance line at 128.15.” 

“Below 120.28 the 200 and 55-day moving averages as well as the June low can be spotted at 119.81/119.31.”