19 Nov 2015
EUR/JPY points higher near-term – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of the cross to squeeze higher in the near term.
Key Quotes
“EUR/JPY’s new low of 130.66 was accompanied by a divergence of the daily RSI – this reflects a loss of upside momentum and we will for now exit our shorts”.
“We suspect that we will see a correction higher near term, we notice that the daily and intraday Elliott wave counts are indicating this was the end of the down move”.
“Immediate resistance lies 133.18/45, where the late September and early October lows were made. Initial resistance is the 132.45 20 day ma”.
Key Quotes
“EUR/JPY’s new low of 130.66 was accompanied by a divergence of the daily RSI – this reflects a loss of upside momentum and we will for now exit our shorts”.
“We suspect that we will see a correction higher near term, we notice that the daily and intraday Elliott wave counts are indicating this was the end of the down move”.
“Immediate resistance lies 133.18/45, where the late September and early October lows were made. Initial resistance is the 132.45 20 day ma”.