EUR/JPY is attempting to stabilise - Commerzbank

Ross J Burland FXStreet

Analysts at Commerzbank noted that the downside has run out of steam while the cross is attempting to stabilise.

Key Quotes

"The market has tested and again held the 200-week ma at 129.55 and the current March low at 129.35, the decent rebound from here has seen initial rejection from the 200 day ma at 131.83. In order to negate it and restore upside pressure, a close above 132.43/47 is needed.

Minor resistance above the 200-day moving average at 131.83 comes in at the 132.43/47 current March high and Fibonacci retracement. If bettered, the January low and February 21 highs at 133.05/09 as well as the 55 day moving average at 133.34 would be on the cards."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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