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

Pablo Piovano FXStreet

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”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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