Forex Flash: EUR/JPY correcting lower, capped at 127.71/93 - Commerzbank

The EUR/JPY is downside corrective and Commerzbank analysts' attention attention remains on the 6 week uptrend at 121.46 and the 3 month uptrend at 119.15: “We look for these to hold the downside and provoke recovery. Near term rallies should ideally remain capped by the 127.71 6th February high and 127.93 the April 2010 high for this downside corrective phase to be maintained”, wrote analyst Karen Jones, pointing to resistance at 127.93 (April 2010 high) that guards 128.80/129.00 (78.6% retracement of the move down from 2009 and the 200 month moving average).