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3 Mar 2014
Flash: EUR/JPY further downside if breaches 138.80 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the EUR/JPY’s upside run out of legs ahead of 140.97/141.26.
Key Quotes
“EUR/JPY continues to hold the base of its cloud, this is located at 139.46 today. The market has stalled at key resistance, which remains 140.97/141.26, (the 50% retracement, 55 day ma and 29th January high)”.
“Key support is last weeks low at 138.80 and below here is likely to trigger another sell off to the 136.25 February low. Here we also find the 7 month uptrend at 136.30 and we would expect this to hold the initial test”.
Key Quotes
“EUR/JPY continues to hold the base of its cloud, this is located at 139.46 today. The market has stalled at key resistance, which remains 140.97/141.26, (the 50% retracement, 55 day ma and 29th January high)”.
“Key support is last weeks low at 138.80 and below here is likely to trigger another sell off to the 136.25 February low. Here we also find the 7 month uptrend at 136.30 and we would expect this to hold the initial test”.