FXStreet reports that the EUR/JPY is once more pointing to the current July high at 121.96 and looks bullish near-term, therefore, Commerzbank’s Axel Rudolph sees EUR/JPY to revisit the 124.70 mark.

“EUR/JPY’s outlook remains short-term bullish while a redrawn three-month support line at 120.53 and the current July low at 120.28 underpin.” 

“We are still looking for the cross to recover further and expect the 200-week moving average at 124.70 to eventually be revisited. It guards the 2014-2020 resistance line at 128.15.” 

“Below 120.28 the 200 and 55-day moving averages as well as the June low can be spotted at 119.81/119.31.”