EUR/JPY could extend its downside – Commerzbank

By FXStreet In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could see its downside accelerating towards 121.90.

Key Quotes

“EUR/JPY has sold off and has started to erode the 125.80 low”.

“We suspect that the market may not maintain losses at this stage – we note the TD perfected set up on the daily chart, none the less longer term the risks are building for a further break down and failure at 125.80 on a weekly closing basis will target 121.90, the 50% retracement of the move from 2012”.
For more information, read our latest forex news. …read more

Source:: FX Street