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EUR/JPY points to consolidation near-term – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross is likely to remain rangebound in the short term.

Key Quotes

EUR/JPY last week failed just ahead of the 137.42/53 zone. This is the September high and the 4 month downtrend. It is currently holding above the 200 day ma at 134.57, and further range trading between the resistance and support lines at 137.42 and 134.15 is thus likely to be seen”.

“Slightly longer term we remain negative and we target the 2013-2015 support line at 127.85”.

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