Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the cross faces initial resistance at 131.38 for the time being.
Key Quotes
“No change. EUR/JPY remains capped by the initial resistance at 131.38, the 14th May high and it will need to overcome this to alleviate immediate downside pressure. While capped here the market will remain offered. Below the March low at 128.96 targets the 127.57 August 2017 low and the 50% retracement at 126.18 50% retracement”.
“Above 131.38 lies tougher resistance offered by the 132.00 three month resistance line and the 133.48 recent April high”.
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