EUR/JPY rallies should struggle near 120.40 – Commerzbank

Pablo Piovano FXStreet

Occasional bullish attempts in EUR/JPY are seen struggling in the 120.40 region, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY has reached the 5 month uptrend at 119.50 and this guards the 118.25 24th February low and the 116.92 2016 to 2017 uptrend. Intraday rallies are indicated to fail circa 120.40”.

“Above the 4 month downtrend lies another downtrend at 123.88 and the 124.08 December high”.

“Above the 4 month resistance line at 122.72. Initial resistance lies at 121.84, the 21st March high”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Shrinking
1H	Bearish	Neutral	Expanding
4H	Strongly Bearish	Neutral	Low
1D	Bullish	Overbought	Shrinking
1W	Bearish	Neutral	Low
Updated Mar 24, 11:00 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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