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Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the cross facing initial hurdle in the 123.24/75 region.

Key Quotes

EUR/JPY continues to hold above its current May low at 122.08 and the 121.53 61.8% Fibonacci retracement. Below 121.53 would suggest another leg down to the 119.91 78.6% Fibonacci retracement”.

“Resistance comes in at circa 123.24/75, at the downtrend line and the May 21 high. While rallies are capped by the 55 day ma at 124.68 attention remains on the downside”.