3 Sep 2013
Flash: EUR/JPY steady at cloud support - Commerzbank
FXstreet.com (London) - EUR/JPY has held steady at cloud support at 129.38, said Karen Jones, chief strategist at Commerzbank.
Key Quotes:
"Rebounds are expected to remain tepid and attention remains on the 129.05 support line. It has recently sold off from the four month resistance line at 132.29 and we look for this to continue to cap".
"A drop through 129.28, the August 20 low, will put the four month support line at 129.05 and the current 127.97 August low on the cards and, if slipped through, should see follow through losses to 126.57, the June 26 low".
"This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come".
"Should last week’s high at 132.42 be bettered, however, the 132.74 July high will be back in the frame".
Key Quotes:
"Rebounds are expected to remain tepid and attention remains on the 129.05 support line. It has recently sold off from the four month resistance line at 132.29 and we look for this to continue to cap".
"A drop through 129.28, the August 20 low, will put the four month support line at 129.05 and the current 127.97 August low on the cards and, if slipped through, should see follow through losses to 126.57, the June 26 low".
"This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come".
"Should last week’s high at 132.42 be bettered, however, the 132.74 July high will be back in the frame".