FXStreet (Edinburgh) - The cross could face the possibility of a rebound from the 131.60 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY continues to hold the 131.80/61.8% retracement of the move up from April, and just below here lies the 131.60 October low. These supports have now held 3 times and we suspect will provoke a rebound”.
“The market has yet to overcome any resistance of note either and we have no strong bias either way. Below 131.60 targets 127.97, the August 2013 low”.
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