EUR/JPY to slips back towards the March lows at 128.30/20 – Commerzbank

EUR/JPY is back under pressure. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to extend its fall while capped below the 132.69 last week high. 

Support sits at 129.97/59

“EUR/JPY is back under pressure following its recent failure at last week's high at 132.69. While capped here, we look for a retest of the June low at 130.05, made marginally above the February high and April low which can be seen at 129.97/59.” 

“Below the 129.97/59 region lies the March lows at 128.30/20 and the 200-day ma at 128.14.” 

“Above last week’s high at 132.69/73 will re-target 133.69/75 and the current June high at 134.12.”