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EUR/JPY is under pressure and intraday Elliott wave counts remain negative. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is look for further weakness.

Key quotes

“Below 116.15 lies the 115.87 key September low and the 61.8% retracement of the move from 2012, which lies at 115.38. Below here the chart picture really starts to deteriorate further and target the 109.30 2016 low.”

“Rallies will find initial resistance at the 200-day ma at 119.72 and the 121.11/47 (pivot point), where it is likely to again fail.”