On Wednesday, the EUR/JPY remains unchanged. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair trades with a bearish bias. EUR/JPY could revert to its March lows of 128.30/20.
“The EUR/JPY prognosis is negative; its topside remains blocked by the 20-day moving average at 132.73, and we have a little negative bias for the time being.”
“While the market is now capped, we can’t rule out a retest of last week’s bottom at 130.05, which was made barely above the February high and April low at 129.97/59. The March lows are at 128.30/20, while the 200-day MA is at 127.94.”
“Anything above last week’s high of 132.69/73 will target 133.69/75 and the current June high of 134.12.”
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