EUR/JPY offered below 122.15/21 – Commerzbank

Pablo Piovano FXStreet

The negative stance on the cross is seen unchanged while below the 122.15/21 area, where coincide the 55-day SMA and the short-term resistance line, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY slid lower last week and maintains a negative bias while we are below the 55 day ma and the 3 month downtrend at 122.15/21. It should head down to the 119.91 78.6% Fibonacci retracement. This is the last defence for the 117.85 January spike low”.

“Resistance is offered initially by the 55 day ma and downtrend at 122.15/21 and then 123.34/75 May 21, June and current July highs”.

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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