In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross faces further downside while below 124.60. Key Quotes “EUR/JPY remains capped by its accelerated downtrend, this is located at 124.60 today”. “While capped here the risk remains on the downside and we look for losses to 121.90, the 50% retracement of the move from 2012, this is our medium term target”. “Note that we have a TD perfected set up on the 240 minute chart and a 13 count on the 60 minute – both suggest a near term rebound”. “While capped by the accelerated downtrend risks remain on the downside and below 121.90 would see further downside targets engage to 120 then 115.30”. For more information, read our latest forex news.