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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the outlook on the cross stays on the negative side.

Key Quotes

EUR/JPY last week eroded its 4 month uptrend and our outlook remains negative. The recent low at 120.17 has been eroded on a closing basis and this should be enough to refocus attention on the 119.26 mid-November low. Failure here would be considered to be negative and this will target the 115.87 September low (favoured).”