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Forex: EUR/JPY regains 123.00 after falling to 121.60 low

FXstreet.com (Barcelona) - Having fallen quickly from the 124.50 area to as low as 121.60, the Asian session was spent digesting the move, and after re-testing those lows the EUR/JPY has been bouncing as the European session opens, regressing to the 123.00 ground.

“While the next lower 118.74 February low holds on a daily New York closing basis, though, medium term upside pressure should be maintained”

“Today’s resistance sits at the 50% retracement at 123.22 and also at the 61.8% Fibonacci retracement at 1.2428”, wrote Commerzbank analyst Karen Jones, pointing to support at the the 55 day moving average, at 121.71, and the 120.73 mid-January high “which we expect to be hit this week”.

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