Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, noted EUR/JPY keeps looking to the key 120.00 region and beyond.
Key Quotes
“EUR/JPY still has the July low at 120.06 in view but short-term remains below the 38.2% Fibonacci retracement at 120.05. Above it resistance can be seen between the June lows at 120.79/96 as well as at the 121.38 late July high”.
“Minor support below the September 20 low at 118.47 comes in at the 117.55/52 August 12 and September 12 lows. Further support can be seen at the 116.58/115.87 recent lows”.
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