EUR/JPY is starting to ease back from major resistance at the 130.33/36 region and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to drop towards the 109.03 level.
Key quotes
“EUR/JPY is at last easing back from two major levels of resistance – namely 130.33, the 200-month moving average and the 130.36 2008-2021 resistance line. These should hold and provoke failure.”
“Initial support is the 20-day ma at 129.03 and the uptrend at 127.79. Below here lies the January high at 127.50 and key support near term remains the October and November highs at 125.13/09.”
“Failure at 125.09 targets the 61.8% retracement at 123.87 and the seven- month uptrend at 124.01.”
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