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EUR/JPY has eroded the April low at 115.45, and a 61.8%/78.6% Fibonacci retracement cluster of the 2012-2014 and the 2016-2018 advances at 115.39/34. It is on 2-year lows, as analysts at Commerzbank note.

Key quotes

“Rallies should find initial resistance at last weeks high and the 55-day moving average at 118.28 and while capped here will now remain offered.” 

“A fall below 114.86 the April 2017 low would see the technical picture deteriorate further and target the 109.30 2016 low.”