Flash: EUR/JPY eroding uptrend support - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said the EUR/JPY’s has closed its 8 month uptrend and is expected to come under renewed downside pressure.

Key Quotes:

“Directly below the market lies the cloud support at 129.38/128.40. This is now exposed – failure here will target the 124.94 June low”.

“Intraday rallies are likely to see initial resistance at 131.10/17 and now remain capped by the 132.75 and 133.82 highs”.

“Shorter term (1-3 weeks): Neutral to positive to the 133.82 May high. Medium term (1-3 months): Neutral”