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Forex Flash: EUR/JPY risks agressive reversal, diamond top completed - Commerzbank

Commerzbank analysts claim that the EUR/JPY has completed a diamond top on the chart: "These tend to be aggressive reversal patterns and we would expect a slide back to the trendline supports available at 122.84 and the 3 month uptrend at 120.32", wrote analyst Karen Jones, noting that the cross is trading below its 240 minute cloud for the first time in months and this now offers resistance at 124.93/125.04. On the upside, initial resistance is at at 126.25, but downside corrective phase will be maintained while capped by the 127.71 6th February high and 127.93 the April 2010 high. "Below 120.32 will introduce scope to 117.29, the 38.2% retracement of the upmove since November", she concluded.

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