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The cross could attempt to stabilize around the 124.60 region, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“Yesterday EUR/JPY came close to the May low at 124.62 around which we anticipated to see some stabilization. The cross has since bounced off yesterday’s low at 124.91″.

“Resistance above the August 14 high at 127.00 comes in at the 128.96/129.35 early and late March lows”.

“Were support at 124.91/62 to give way, the area between the December 2016 high and the June 2017 low at 124.09/122.40 could be reached”.