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EUR/JPY negative in the long-term – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, remains negative on the cross in the longer run, targeting the 127.70 area.

Key Quotes

EUR/JPY continues to rebound from 133.62 6 month support line but we still view the market as having topped in June”.

“Below the support line at 133.62 we look for a slide back to the 132.24/131.80 recent low and 61.8% retracement”.

“Slightly longer term we remain negative and we target the 2013-2015 support line at 127.72”.

“Initial support is at 131.80, then at the 129.28 78.6% Fibonacci retracement of the April-to-June rise”.

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