Forex Flash: EUR/JPY correcting lower, reinstate longs at 115.50 - Commerzbank

FXstreet.com (Barcelona) - The EURJPY is correcting lower as expected and predicted by technical indicators. "Dips lower will find initial support at 116.00, the 2nd January high ahead of 113.45, the 2 month uptrend. The 200 week ma is also found at 114.90", wrote analyst Karen Jones, expecting the cross to pick up eventually and rise towards the 123.00/33 2011 high and 38.2% retracement of the move down from 2008. "Interim resistance is 121.55, the 61.8% retracement of the move down from the end of 2009", Jones added, planning to reinstate longs at 115.50 and add on dips to 114.90 (stop at 113.25).