Forex Flash: EUR/JPY probable pullback ahead – Commerzbank

FXstreet.com (Barcelona) - After bottoming in the area of 129.00, renewed buying interest in the single currency is now lifting the cross to the vicinity of 129.60/65, as markets remain submerged into a risk-off tone.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the cross to retrace some ground after putting in a bearish “doji”, in combination with other technical studies. “We would allow for a 128.80/127.40 retracement ahead of further topside gains. Our longer-term target is 136.71 (upside measurement from a wedge)”, concludes the expert.