Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted dips in EUR/JPY are seen facing contention in the 119.38/118.60 band.
Key Quotes
“EUR/JPY last week tested and held below the 121.34/ 50% Fibonacci retracement. This is also the top of a near term channel and the 121.38 late July high – the break has been minor and we look for it to continue hold the topside (viewed as a false break). Dips lower will find support at the 55 day ma at 119.38/118.60, ahead of the 117.85 uptrend”.
“Above here lies the 200 day ma at 122.18 and the 123.34 July high”.
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