Flash: EUR/JPY continues to chop sideways - Commerzbank

FXstreet.com (London) - Analysts at Commerzbank said that the very near term market is on the defensive and has eroded the 130.74 near term support line.

The team exlained that the market is struggling here and the intraday charts are indicating further weakness is likely ahead of recovery, sighting failure at 129.57 (pivot line) will open the way up for a slide to the February high at 127.71 and the 55 day moving average at 127.80 to be revisited.

They see further support comeing along the seven month uptrend line at 126.31 and around the 126.03 March high; while trading above it, the longer term uptrend will remain intact. they said that any short term bounce should fail ahead of or around the 132.78 mid-May high.