EUR/JPY should meet strong hurdle in the 121.47/63 band – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, further upside in the cross is seen finding a tough hurdle in the 121.47/63 band.

Key Quotes

“EUR/JPY should find tougher resistance at 121.47/63. This is the location of the 200 day ma, the 50% Fibonacci retracement and the late October high. Currently the intraday Elliott wave counts are conflicting and we have reinstated minor short positions just ahead of here”.

“While capped here, attention remains on the 119.07 uptrend. This should hold the initial test, however longer term the risk has increased for a break lower. Failure here will target the 117.09 October low ahead of the 115.87 September low”.