EUR/JPY: Uptrend at 118.54 to hold the retracement

Uptrend at 118.54 is a major support for the EUR/JPY as the pair is easing back from the 124.56 200-week ma. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, awaits a small correction before further gains.

Key quotes

“EUR/JPY has reached the 200-week ma at 124.56 and this coupled with a TD perfected set up on the daily chart points to a small retracement ahead of further gains.” 

“Dips will find support at the mid-January high at 122.88 and then 121.38 the February high. Key support is the 6-week uptrend at 118.54.” 

“The 200-week ma guards the 128.35 2014-2020 resistance line.”