EUR/JPY faces key hurdle at 121.16/24 – Commerzbank


The continuation of the ongoing rebound could see EUR/JPY testing the key short term resistance area in the 121.16/24 band, noted Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY has sold off to its 4 month down channel at 117.38 and here we also find the 117.42 TD support, this has prompted a rebound and we would allow for a further recovery. Initial resistance is the 20 day ma at 119.82 and the 120.06 25th July low. Key short term resistance is the 55 day ma and the 3 month downtrend at 121.16/24. The market will need to regain this to reassert upside interest”.

“Support at 117.40 guards the 114.86 2017 low. The break lower last week saw the market erode a 2012-2019 support line and this leaves a negative bias entrenched while below the downtrend”.

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD surges above 1.13 after ECB's stimulus boost

EUR/USD is trading above 1.13, the highest since mid-March. The ECB added €600 billion in fresh stimulus, more than expected. The bank's move joins German stimulus and hopes for a recovery. 

EUR/USD News

GBP/USD avances toward 1.26 amid improving mood

GBP/USD trades closer to 1.26, buoyed by USD dollar weakness stemming from a better market mood. US jobless claims have marginally disappointed yet other US figures are more upbeat. Markets are shrugging off concerns about a no-trade-deal Brexit.

GBP/USD News

Will race relations rock markets? election campaign, coronavirus, crippled economy all in the mix

America is divided by demonstrations against racial discrimination that come on the backdrop of the coronavirus epidemic and attempts for a recovery. Will this or something else eventually affect markets? Valeria Bednarik, Joseph Trevisani, and Yohay Elam have a lively discussion about all these topics.

Read more

Gold recovers further from 1-month lows, moves back above $1715 level

Gold added to its intraday gains and refreshed daily tops, around the $1718 region during the early North American session.

Gold News

WTI: Recovery remains capped below $37 mark amid OPEC+ uncertainty

WTI (July futures on Nymex) is ranging in the familiar trading band near mid-36s so far this Thursday, having failed yet another upside attempts just shy of the 37 mark.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures