EUR/JPY: better offered below 200 week ma - Commerzbank

Analysts at Commerzbank explained that EUR/JPY near term has again stalled at the 200-week ma. 

Key Quotes:

"The market spent last week consolidating below the 200-week ma at 130.66 but so far has held beautifully over the 20-day ma currently at 129.09. 

Failure at last weeks low at 128.50 will alleviate immediate upside momentum and allow for some slippage to the uptrend at 127.19, below here lies the previous May high at 125.80 and offers additional support. 

Initial support is 127.35 the end of June low. Above 130.66/76 targets 134.32/61.8% of the move down from 2014."