EUR/JPY initial support lies at 125.80 – Commerzbank

Occasional pullbacks in EUR/JPY should find initial support in the 125.80 area, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY has failed on its initial attempt on the the 200 week ma at 130.71 and is easing back from here. Dips lower should find that the previous May high offers initial support at 125.80, together with the 126.08 uptrend. Initial support is 127.35 the end of June low”.

“The uptrend guards 122.56/40, the 18th May low and the recent low”.