According to Axel Rudolf, senior technical analyst at Commerzbank, EUR / JPY is still under pressure. “EUR / JPY cut its uptrend and remains under pressure. The resistance line is at 129.94, despite the current short-term rebound. He conducted the initial testing of 128.04, and provided that the bounces remain limited to 130.00, the cross will be under bearish pressure. Intraday rebounds show that they end around 130.00 / 76.
When falling below 128.00, we are waiting for the development of the downward movement to the previous May maximum at 125.80. Initial resistance is located at 130.00 (insignificant psychological level). It protects the recent high at 131.40. Only a break above will open the way to 134.32 / 61.8% of the movement down from 2014, “the expert said.