Forex Flash: EUR/JPY targets 125.40 - Commerzbank

FXstreet.com (Barcelona) - The EUR/JPY stabilized above the 55 day moving average at 122.49 and, while 121.44 holds, the resistance line at 125.40 will stay in focus, according to Commerzbank analysts. “Below Monday’s current low at 121.44 lies the 120.73 mid-January high. This may well still be reached in the weeks to come”, wrote Karen Jones, bullish biased on the medium term while the next lower 118.74 February low holds on a daily New York closing basis.

“Only a daily New York close above the current March high at 126.03 will put the 127.71 February high back on the map”, she added.