EUR/JPY, which is trading at 124.87 as of writing, will complete a top on a close below 124.34/27 which would trigger a fall toward the 122.88 January high, per Commerzbank.
“EUR/JPY is looking increasingly toppy and is poised to test the 124.34 mid-August low and the 55-day ma at 124.27. A close below here will be enough to complete the top and trigger losses to the January high at 122.88. The latter guards the July low at 120.28.”
“The pair remains bearish below the 2014-2020 resistance line at 127.30, the 20-day ma lies 125.50.”