Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, has suggested that EUR / JPY is at risk of a possible move to 123.87.
Key Comments:
“The EUR / JPY experienced a sharp pullback towards the October and November highs at 125.13 / 09. The bounce from this region has reached the 55-day SMA and should now start to struggle. If it fails to support above 125.09, the cross points to the 61.8% Fibonacci retracement at 123.87, the 7-month uptrend at 123.10 and the November 19 low at 122.85“.
“The 122.75 level is the latest support level to target the recent highs at 127.50 / 60.”
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