The outlook on EUR/JPY appears neutral in the short term, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“EUR/JPY is easing back from its four month resistance line at 122.79 and also the 2015-2017 downtrend. These represent pretty tough resistance for the market but we look for dips lower to remain relatively shallow. Below the 121.18 March 3 high lies the 120.02 March 8 low. For now we expect it to bounce off the 55 day ma at 121.25”.
“Above the 4 month downtrend lies another downtrend at 123.88 and the 124.08 December high”.
“Only below the 118.25 recent low will negate our upside bias. Below here lies the 117.58 200 day ma and the 116.69/37 50% retracement”.
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