EUR/JPY breaks down from a top pattern targeting January high at 122.88 – Commerzbank

The EUR/JPY pair has topped and is trading around 123.40, down -0.50% on the day. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 122.88 January high as euro/yen is set to retain a bearish outlook while below 127.30.

Key quotes

“EUR/JPY has broken down from a top. We look for a slide to the January high at 122.88. This guards the 200-day ma at 120.85 and the July low at 120.28 and these are our short-term targets. 

“It remains bearish below the 2014-2020 resistance line at 127.30, the 20-day ma lies 125.36 and provided initial resistance.”