EUR/JPY targets the 2014-2020 resistance line at 127.68 – Commerzbank

EUR/JPY has been performing well and is on course for the 2014-2020 resistance line at 127.68. This week could make the 5th straight week of gains in the pair and the last time that happened was December 2016. On the flip side, the uptrend at 123.33 should hold the downside, per Commerzbank.

Key quotes

“EUR/JPY has again rallied higher and remains on course for the 2014- 2020 resistance line at 127.68.” 

“Dips lower should remain well supported by the three-month uptrend at 123.33 and the January high at 122.88. This guards the current July low at 120.28.” 

“Above the 127.75 downtrend we have the 200-month ma at 130.57.