22 Sep 2015
EUR/JPY: upside appears limited – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the upside in the cross as limited.
Key Quotes
“EUR/JPY remains under pressure following its failure to maintain a break of the 55 week ma, which lies at 137.04”.
“It has also failed at the 78.6% retracement at 137.55 and we continue to view the upside as limited, but near term the market is finding some support at 135.00/134.80”.
“Only a close below 134.80 will alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement”.
“Above 137.40 last weeks high, here is scope for the current advance to reach 138.22 the 3 month resistance line (not favoured)”.
Key Quotes
“EUR/JPY remains under pressure following its failure to maintain a break of the 55 week ma, which lies at 137.04”.
“It has also failed at the 78.6% retracement at 137.55 and we continue to view the upside as limited, but near term the market is finding some support at 135.00/134.80”.
“Only a close below 134.80 will alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement”.
“Above 137.40 last weeks high, here is scope for the current advance to reach 138.22 the 3 month resistance line (not favoured)”.