EUR/JPY: risks now to the downside, target 118.25? - Commerzbank

Analysts at Commerzbank explained that with the 5-month uptrend at 119.58 penetrated overnight, Feb lows and 2016/17 uptrend is at risk.

Key Quotes:

"The 5-month uptrend is at 119.58 and this guards the 118.25 24th February low and the 117.03 2016 to 2017 uptrend."

"Intraday rallies are indicated to fail circa 120.40/75, although the intraday Elliot counts are now conflicting."

"Longer term outlook is neutral to positive."

"Offered short term and needs to stay above 117.11 the 2016-2017 uptrend for the longer term positive bias to be maintained."

"Where are we wrong near term? Above the 4-month resistance line at 122.72. Initial resistance lies at 121.84, the 21st March high."