EUR/JPY resistance lies around 122.60/74 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross should face tough resistance in the 122.60/74 band.

Key Quotes

“EUR/JPY is probing the 2015- 2017 downtrend at 122.60 and the 3 month downtrend at 122.74. These offer pretty tough resistance for the market and may well hold the initial test. We look for dips lower to remain shallow however and the market should remain well supported circa the 55 day ma at 121.29”.

“Above the 4 month downtrend lies another downtrend at 124.03 and the 124.08 December high”.

“Below 118.25 lies the 117.58 200 day ma and the 116.69/37 50% retracement”.