EUR/JPY dips seen holding around 122.80/121.60 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects occasional pullbacks to hold in the 122.80/121.60 band.

Key Quotes

“EUR/JPY has tested the 38.2% retracement of the move down from 2014 at 124.76 and this has held the initial test and the market is consolidating below here. Dips lower are indicated to hold circa 122.80/121.60 and while above here the market is immediately bid. We note the 13 count on the 240 minute chart and will wait to buy the dip”.

“2015-2017 downtrend eroded, targets the 129.55/130.92 50% retracement and the 200 week ma”.