EUR/JPY bid above 122.88 – Commerzbank

EUR/JPY should stay bid while above 122.88 in the near term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY has accelerated higher through the double Fibo at 124.76/125.18 and looks set for further gains towards the 129.55/130.89 50% retracement and the 200 week ma. Near term we notice the 13 count on the daily chart and the daily RSI has not confirmed the new high and have tightened stops as a precaution to below the accelerated uptrend at 124.55 and partially covered”.

“Immediately bid above the 122.88 March high – only below here would alleviate immediate upside pressure and allow for a retracement to 121.63”.