The EUR/JPY is starting to erode the five-month uptrend at 123.47 and Karen Jones, Head of Technical Analysis Research Team at Commerzbank, points to the September low of 122.38.
“EUR / JPY remains under pressure after its recent failure at the 200-week moving average at 125.21 and our bias remains negative below 125.30“.
“The pair is beginning to erode the five-month uptrend at 123.47 and our target is 122.38, the September low and there is room to move down towards the 200-day moving average at 121.13. Only a break above here and the Fibonacci resistance at 125.29 would initiate a new challenge from the 2014-2020 resistance line at 126.93, which should again keep the hikes contained. ”
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Credits: Forex Street
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