EUR/JPY sells off to its five month uptrend at 123.39 which is expected to hold initially. A break below here, would open the path to the September low of 122.38 and potentially to the 200-day ma at 121.08, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
“EUR/JPY is under pressure following the recent failure at the 200-week ma at 125.21. The market has sold off back to the up trend at 123.39, which we would allow to hold the initial test. Failure here will target 122.38, the September low and there is scope for the 200-day ma at 121.08.”
“Should a close above the 61.8% retracement at 125.29 be seen this will reintroduce the idea of challenging the 2014-2020 resistance line at 127.00, which we again would allow to hold.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.