EUR/JPY targets 123.87 if 125.09 is cleared – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested EUR/JPY risks a probable move to 123.87.

Key Quotes

“EUR/JPY saw a strong bounce higher from the October and November highs at 125.13/09. The bounce from here has reached the 55 day ma and should now start to struggle. Failure at 125.09 targets the 61.8% retracement at 123.87 and the 7 month uptrend at 123.10 and the November 19 low at 122.85.”

“The 122.75 level guards the more important 127.50/60 highs since April 2019.”

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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