8 Jul 2015
EUR/JPY: downside testing critical support - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY, with the topside capped by the near term resistance line at 135.59 attention, has reverted to support.
Key Quotes:
"The 133.57/50% retracement is exposed this together with the 133.10 May low is expected to act as the break down point to 131.80/61.8% retracement then 129.28 the 78.6% retracement."
"It should be noted that the Elliott wave counts are NOT suggesting a break lower at this point and some caution is warranted."
"We remain negative below the 137.18 200 day ma, initial resistance is the 135.59 resistance line."
Key Quotes:
"The 133.57/50% retracement is exposed this together with the 133.10 May low is expected to act as the break down point to 131.80/61.8% retracement then 129.28 the 78.6% retracement."
"It should be noted that the Elliott wave counts are NOT suggesting a break lower at this point and some caution is warranted."
"We remain negative below the 137.18 200 day ma, initial resistance is the 135.59 resistance line."