Home EUR/JPY erodes the five-month uptrend at 123.64 to target the 122.38 September low – Commerzbank
FXStreet News

EUR/JPY erodes the five-month uptrend at 123.64 to target the 122.38 September low – Commerzbank

EUR/JPY has eroded the five-month uptrend at 123.64 and was last seen trading at 122.70, down -0.38% on the day. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the fall to extend towards the September low of 122.38 and then the 200-DMA at 121.15.

Key quotes

“EUR/JPY has eroded the five-month uptrend and has recently been rejected by the 200-week ma at 125.22 and the outlook is increasingly negative.” 

“We look for losses to 122.38, the September low and then the 200-day ma at 121.15. The 55-week is here also at 121.12.” 

“Only a break above Fibonacci resistance at 125.29 would initiate a rechallenge of the 2014-2020 resistance line at 126.93, which is expected to cap.”

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.