EUR/JPY downside pressure intact below 133.50 – Commerzbank

In view of Senior Analyst at Commerzbank Axel Rudolph, the offered bias around the cross remains unchanged as long as it trades below 133.50.

Key Quotes

“EUR/JPY is drifting back towards the 55 day moving average at 131.19. Should it be slipped through, the mid-September low at 130.64 would be in focus. Below it lies the September low at 129.40 and the August low at 127.57. Immediate downside pressure will be maintained while the cross continues to trade below the current October high at 133.50”.

“A move above the 134.58 November 2015 high would target the 2008-2017 resistance line at 140.90”.