Forex Flash: EUR/JPY damaged and aiming at 117.29 then 114.07 - Commerzbank

Commerzbank analysts agree that the recent sell off was damaging and would allow for an extension of losses to 117.29 then 114.07 (38.2% and 50% retracements of the move up from November) while a slight rebound from the 55-day MA (at 119.62) remains plausible.

"Intraday rallies should now find resistance at 122.16, 123.22 (minor Fibonacci retracements) and should remain capped by 125.36 for a negative bias to be maintained (high from 25th February)", wrote analyst Karen Jones.