Forex Flash: EUR/JPY expected to stabilize at 128.80/85 area – Commerzbank

FXstreet.com (Barcelona) - Having bounced off the 125.00 support, the EUR/JPY looks well placed to tackle the 128.80/85 minor Fibonacci retracement, “which is regarded as the last defense for the 131.12 recent high”, and ideally we would like to see stabilization here, however we remain unable to rule out a deeper retracement to the daily cloud at 123.21/120.46”, wrote analyst Karen Jones, pointing to the 20 and 55 day ma at 124.25/67 directly below 125.00. “Key support remains the 118.74 February low. Recovery from here would target initially 131.12 – last week’s high en route to our target 136.71 (upside measurement from a wedge)”, she added.