EUR/JPY could re-visit the 130.90 region – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the cross could attempt a test of the 130.90 region.

Key Quotes

“EUR/JPY continues to rebound just ahead of the March low at 128.96, it is unclear if the bounce is corrective only but currently we favour the idea of this support holding”.

“Should this hold the downside we would allow for recovery once more to initially 130.90 and also allow for a retest of the 132.64 three month resistance line and the 133.48 recent April high”.

“Failure at 128.96 would push the March 2016 high at 128.23 to the fore. Below it sits the August 2017 low at 127.57”.