EUR/JPY remains under pressure – Commerzbank

In opinion of Senior Technical Analyst at Commerzbank Axel Rudolph, EUR/JPY is seen still under pressure.

Key Quotes

“EUR/JPY has severed its uptrend and remains under pressure Resistance line is at 129.94 despite its current short term bounce. It is has held the initial test of 128.04 but provided that rallies stay below the 130.00 mark the cross will remain directly offered. Intraday rallies are indicated to terminate circa 130.00/76. Below 128.00 we look for slippage to the previous May high at 125.80”.

“Initial resistance at 130.00 (minor psychological level) guards the recent high at 131.40. Only above here would re-introduce the 134.32/61.8% of the move down from 2014”.