EUR/JPY downside pressure mitigated above 131.19/29 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the downside pressure in the cross should be alleviated on a surpass of the 131.19/29 band.

Key Quotes

EUR/JPY is once again approaching the initial resistance at 131.19/29 (20 and 55 day ma) it needs to overcome this to alleviate immediate downside pressure. While capped here the market will remain offered. Below the March low at 128.96 targets the 127.57 August 2017 low and the 50% retracement at 126.18 50% retracement”.

“Above 131.29 lies tougher resistance offered by the 132.21 three month resistance line and the 133.48 recent April high”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.