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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested EUR/JPY risks a probable move to 123.87.

Key Quotes

EUR/JPY saw a strong bounce higher from the October and November highs at 125.13/09. The bounce from here has reached the 55 day ma and should now start to struggle. Failure at 125.09 targets the 61.8% retracement at 123.87 and the 7 month uptrend at 123.10 and the November 19 low at 122.85.”

“The 122.75 level guards the more important 127.50/60 highs since April 2019.”