EUR/JPY focus is now on 121.35 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross should now shift its focus to the 121.30 area.

Key Quotes

“EUR/JPY continues to see a strong recovery off from the 118.45/35 band of support – this is the location of the 50% retracement of the move up from October, the 38.2% retracement of the move up from June 2016 and the July 2016 high. Rallies have regained the 20 day ma and the focus has shifted to the 10th Feb high at 121.35”.

“Looking for strong recovery off the 118.50-116.37 band ahead of recovery”.

“Below 118.25 lies the 117.63 200 day ma and the 116.69/37 50% retracement”.