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

31 July, 2020

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.

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.


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