EUR/JPY: Attention has reverted to the 115.87 key September low – Commerzbank

EUR/JPY’s outlook stays negative, in the opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

"EUR/JPY has again recently failed ahead of the 121.38/47 October and February highs." 

"It has eroded the 118.10 2nd March low and attention has reverted to the 115.87 key September low."

“The 61.8% retracement of the move from 2012 lies at 115.38 and only below here does the chart picture really start to deteriorate further and target the 109.30 2016 low.”