EUR/JPY: neutral to negative bias - Commerzbank

Analysts at Commerzbank explained that EUR/JPY's near term outlook is neutral to negative:

Key Quotes:

"EUR/JPY remains vulnerable to losses to the 117.30 2016 to 2017 uptrend, which is expected to hold. Intraday rallies are indicated to fail circa 120.40/75. 

Longer term outlook is neutral to positive: Offered short term and needs to stay above 117.15 the 2016-2017 uptrend for the longer term positive bias to be maintained. 

Where are we wrong near term? Above the 120.52 near term downtrend the 4-month resistance line at 122.59. Initial resistance lies at 121.84, the 21st March high."