EUR/JPY looks neutral near term – Commerzbank

Pablo Piovano FXStreet

The outlook on EUR/JPY appears neutral in the short term, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“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”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Shrinking
1H	Bearish	Overbought	Low
4H	Bullish	Neutral	Shrinking
1D	Bullish	Neutral	High
1W	Bearish	Overbought	Low
Updated Mar 17, 10:45 GMT

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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