EUR/JPY faces resistance in the 123.24/75 band – Commerzbank

Pablo Piovano FXStreet

Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the cross facing initial hurdle in the 123.24/75 region.

Key Quotes

“EUR/JPY continues to hold above its current May low at 122.08 and the 121.53 61.8% Fibonacci retracement. Below 121.53 would suggest another leg down to the 119.91 78.6% Fibonacci retracement”.

“Resistance comes in at circa 123.24/75, at the downtrend line and the May 21 high. While rallies are capped by the 55 day ma at 124.68 attention remains on the downside”.

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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