20 Feb 2015
EUR/JPY: Elliot waves are negative - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY's Elliott wave count is indicating the end of the correction higher.
Key Quotes:
"Elliott wave count is indicating the end of the correction higher.at 136.70 – the intraday Elliott wave counts are also negative and the risks are growing on the downside."
"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."
"Above 136.70 lies the 200 day ma at 139.42 and we look for the market to remain capped here."
Key Quotes:
"Elliott wave count is indicating the end of the correction higher.at 136.70 – the intraday Elliott wave counts are also negative and the risks are growing on the downside."
"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."
"Above 136.70 lies the 200 day ma at 139.42 and we look for the market to remain capped here."