23 Jul 2014
EUR/JPY downside intensified – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the cross broke below the 55-d MA for the first time since November 2012.
Key Quotes
“EUR/JPY has broken below the 55 week ma, this is located at 137.38”.
“This is the first significant break below this moving average since November 2012. Attention reverts to the 136.25 February low and longer term we continue to target the 130.00 level which is achievable by year end”.
“While the rally is capped by the 2 month resistance line at 138.22 we will maintain a neutral to negative bias”.
“Above 138.22 delays but does not negate our negative bias while EUR/JPY is capped by the 2014 downtrend at 140.84”.
Key Quotes
“EUR/JPY has broken below the 55 week ma, this is located at 137.38”.
“This is the first significant break below this moving average since November 2012. Attention reverts to the 136.25 February low and longer term we continue to target the 130.00 level which is achievable by year end”.
“While the rally is capped by the 2 month resistance line at 138.22 we will maintain a neutral to negative bias”.
“Above 138.22 delays but does not negate our negative bias while EUR/JPY is capped by the 2014 downtrend at 140.84”.