EUR/JPY seen struggling near 129.00 – Commerzbank

The corrective upside in the cross is likely to struggle in the boundaries of the 129.00 handle, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY is near term upside corrective. The near term rebound is likely to find good initial resistance offered by the 128.96 March low and we suspect that the market will struggle here – failure here will cast attention back to the recent low at 124.62”.

“There is scope for a slide to the 124.08 December 2016 high. Between here and the 50% retracement at 123.40 we expect to see some profit taking. Below here would target 120.10/00”.