EUR/JPY upside remains limited – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the cross remains limited.

Key Quotes

“EUR/JPY no change, the market has rallied to and so far failed at the 55 week ma, which lies at 137.06”.

“We continue to view the upside as limited, but loss of 134.80 will be needed to alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement”.

“We target the 2013-2015 support line at 127.52 currently. Initial support will be the 131.80 then 129.28 Fibonacci retracements of the move seen this year”.
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Source:: FX Street