EUR/JPY: Offered and looking for slippage to 125.00 - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that trading conditions and levels surrounding EUR/JPY.

Key Quotes:

"The intraday Elliott wave counts are neutral to positive and a move above the 20 day ma at 128.88 will trigger a rally to the top of the short term channel at 130.84."

"A slide below 126.75 will re-target the 126.08 recent low and the 125.89 support line. Below here will trigger losses to the June 2013 low at 124.24 enroute to the 122.77/121.95 200 week moving average and 50% retracement."

"Overhead recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here, the market remains offered. Interim resistance is offered by the 20 day ma at 129.12.

"Shorter term (1-3 weeks): Offered below the March 18 high at 131.67.

Medium term (1-3 months): Topped ahead of 150. Looking for slippage to 125.00, then 122.42/121.95."