EUR/JPY: Negative below the 120.36 downtrend – Commerzbank

EUR/JPY saw a strong recovery from ahead of 115.87, the September low. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the pair.

Key quotes

“The market has so far rallies to and failed at the downtrend, which lies at 120.36 and while below here we will stay directly offered. This guards the 121.50 resistance.”

“A close below 115.87 will introduce scope to the 109.30 June 2016 low.”