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EUR/JPY faces some consolidation near-term – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could face some consolidation in the short-term.

Key Quotes

EUR/JPY has some support at 124.94 the June 2013 low”.

“We suspect that the market may not maintain losses at this stage – we note the TD perfected set up on the daily chart and the base of the 8 month channel and would allow for some near term consolidation/near term correction higher”.

EUR/USD testing lows near 1.1080 on weaker PMIs

The offered tone surrounding the EUR keeping growing bigger in the European session, knocking-off EUR/USD to session lows below 1.11 handle.
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