EUR/JPY could slip towards 132.24/131.80 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, potential pullbacks could send the cross to the 132.24/131.80 area.

Key Quotes

“EUR/JPY remains under pressure and we look for further weakness”.

“It is poised to reach the 133.37 6 month support line, while this may hold the initial test, we still view the market as having topped and look for a slide back to the 132.24/131.80 recent low and 61.8% retracement”.

“Slightly longer term we remain negative and we target the 2013-2015 support line at 127.65”.
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Source:: FX Street