5 Mar 2015
EUR/JPY: Bearish below 38.2% retracement - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY is expected to remain under pressure given that last week we saw failure ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.20.
"This is viewed negatively and we look for a slide towards initial support towards the 132.00 2nd February low and then the 130.20 recent low."
"This leaves our longer term negative bias intact and we look for a break
below 130.00 to the 200 month ma and Fibonacci retracement at
128.14/52 (38.2% retracement of the move up from 2012)."
"This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."
"This is viewed negatively and we look for a slide towards initial support towards the 132.00 2nd February low and then the 130.20 recent low."
"This leaves our longer term negative bias intact and we look for a break
below 130.00 to the 200 month ma and Fibonacci retracement at
128.14/52 (38.2% retracement of the move up from 2012)."
"This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."