EUR/JPY: 128.96 March low is a strong resistance level - Commerzbank

Analysts at Commerzbank noted that EUR/JPY charted an inside day which reflected a loss of downside pressure. 

Key Quotes:

"The market has started to correct higher, but this so far has been relatively tepid."

"The near term rebound is likely to find good near term resistance offered by the 128.96 March low."

"There is scope for a slide to the 124.08 December 2016 high. Between here and the 50% retracement at 123.40 we expect to see some profit taking. Below here would target 120.10/00."

"Where are we wrong near term? Initial resistance is the 128.96 March low and while capped here it remains directly offered. Above allows recovery to the 3 month downtrend at 131.43."