Forex: EUR/JPY, break of 122.00 exposes 121.10/20 - V.Bednarik

FXstreet.com (Barcelona) - One of the currency most severely punished at the Asian open was the EUR/JPY, hammered from multiple topside failures at 125.00 last week to land near 121.50 through the inter-bank market earlier today, a new 6-day low.

According to Valeria Bednarik, chief analyst at FXstreet.com: "The pair will face its first resistance around 122.80, while only above 123.60 area may attempt to extend the advance."

The analyst suspects that after the Cyprus news, risk remains to the downside, with a break below 122.00 opening 121.10/20."

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