EUR/JPY targets the 200-week moving average at 124.80 – Commerzbank

EUR/JPY is trading around the 1.24 level and though Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, sees the pair marching higher toward the 200-week ma at 124.80 she cannot rule out a pullback to the 122.18 mark.

Key quotes

“EUR/JPY is consolidating above the 122.88 January high and attention remains on the June high at 124.43 and the 200-week ma at 124.80.” 

“The pair is in a very tight range but we remain unable to rule out a pullback towards the three-month uptrend at 122.18 prior to recovery. This guards the current July low at 120.28.” 

“The 200-week ma at 124.80 guards the 2014-2020 resistance line at 127.90.”