EUR/JPY could see some stabilization around 124.60 – Commerzbank

The cross could attempt to stabilize around the 124.60 region, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“Yesterday EUR/JPY came close to the May low at 124.62 around which we anticipated to see some stabilization. The cross has since bounced off yesterday’s low at 124.91”.

“Resistance above the August 14 high at 127.00 comes in at the 128.96/129.35 early and late March lows”.

“Were support at 124.91/62 to give way, the area between the December 2016 high and the June 2017 low at 124.09/122.40 could be reached”.