In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross faces initial resistance around 125.38.
Key Quotes
“EUR/JPY has reversed just ahead of 121.90, the 50% retracement of the move from 2012”.
“Initial resistance is the accelerated downtrend at 125.38 and the market will have to overcome this resistance to confirm near term reversal”.
“This would allow for further gains towards key resistance is the 131.13/39 downtrend – only above here would negate current downside pressure”.
(Market News Provided by FXstreet)
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