Forex: EUR/JPY back to positive, eyes on 122.50
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EUR/JPY
FXstreet.com (Barcelona) - The pair is pushing higher on Tuesday, trimming today's losses and trying for the second time to break above the area around 122.30, as the single currency is gathering pace again.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests "the market is poised to reach an interim target of the 123.00/33 2011 high and 38.2% retracement of the move down from 2008, where we suspect that we may see some profit taking& Dips lower will find initial support at the 6-week uptrend at 118.36".
The pair is now up 0.01% at 122.29 with the next resistance at 122.91 (high Jan.28) ahead of 123.33 (2011 high Apr.11) and 123.39 (high May 5 2010).
On the flip side, a breach of 121.00 (MA100h) would expose 120.68 (low Jan.25) and finally the MA10d at 120.00
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests "the market is poised to reach an interim target of the 123.00/33 2011 high and 38.2% retracement of the move down from 2008, where we suspect that we may see some profit taking& Dips lower will find initial support at the 6-week uptrend at 118.36".
The pair is now up 0.01% at 122.29 with the next resistance at 122.91 (high Jan.28) ahead of 123.33 (2011 high Apr.11) and 123.39 (high May 5 2010).
On the flip side, a breach of 121.00 (MA100h) would expose 120.68 (low Jan.25) and finally the MA10d at 120.00
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