18 Feb 2015
EUR/JPY is bearish on the longer term charts towards 128.52/34 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding the EUR/JPY cross.
Key Quotes:
"EUR/JPY was bid yesterday but did not erode anything important so the view for now remains unchanged."
"The correction higher may have already terminated at 136.70 – the intraday Elliott wave counts are more negative compared to the Elliott wave count on the daily, which is suggesting that we allow for a deeper retracement into the 138.50/140.60 band."
"Either way we look for the corrective move higher to falter around the 200 day moving average at 139.46 and remain longer term negatively biased. Support lies 132.40/00 then 130.16/00 the recent low."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."
Key Quotes:
"EUR/JPY was bid yesterday but did not erode anything important so the view for now remains unchanged."
"The correction higher may have already terminated at 136.70 – the intraday Elliott wave counts are more negative compared to the Elliott wave count on the daily, which is suggesting that we allow for a deeper retracement into the 138.50/140.60 band."
"Either way we look for the corrective move higher to falter around the 200 day moving average at 139.46 and remain longer term negatively biased. Support lies 132.40/00 then 130.16/00 the recent low."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."