Forex: EUR/JPY may fill Monday gap in the days to come - Commerzbank

FXstreet.com (Barcelona) - The wide gap from Friday’s low at 124.22 to the 55 day moving average at 121.90 can be filled in the days to come as the EUR/JPY bounces after such risk-off weekly opening. “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, however”, wrote analyst Karen Jones, pointing to tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009.

“Below Monday’s low at 121.45 lies the 120.73 mid-January high which we expect to be retested this week at some stage”, she continued, with a medium term bias to the upside while the next lower 118.74 February low holds on a daily New York closing basis.