EUR/JPY technical analysis: Bulls robust below trendline resistance

• The cross saw a strong recovery from support at the 117.55/52 August 12 and September 12 lows.
• A pick-up in global risk appetite kicked in at the start of the week is supporting a rise on the cross.

EUR/JPY is pressured below trendline resistance but holding its own while a pick-up in global risk appetite kicked in at the start of the week, supporting a rise on the cross. The pair is trading between 117.54 and 118.14 in early Asia suffering a touch, -0.30% a the time of writing. 

The cross saw a strong recovery from support at the 117.55/52 August 12 and September 12 lows. "Rallies will find resistance offered by the downtrend at 119.32 and this resistance is reinforced by 120.05, the 38.2% retracement. Very near term the intraday Elliott wave counts are neutral to positive and we may see a small rebound," analysts at Commerzbank argued. 

EUR/JPY levels