7 Jan 2016
EUR/JPY targets 126.08, 2015 low – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the cross could be headed towards last year’s low at 126.08.
Key Quotes
“EUR/JPY has maintained downside pressure following the erosion of major support recently - namely the 2013-2016 support line at 128.94 and the 55 week moving average at 128.11, the bottom of a down channel (128.50) and the 38.2% retracement (128.45)”.
“We note the 13 count on the 240 minute chart, and the TD perfected set up on the daily chart and we should see a small bounce – however this is indicated to be shallow. It targets 126.08, the 2015 low and the 121.87 50% retracement of the bull move from 2012”.
Key Quotes
“EUR/JPY has maintained downside pressure following the erosion of major support recently - namely the 2013-2016 support line at 128.94 and the 55 week moving average at 128.11, the bottom of a down channel (128.50) and the 38.2% retracement (128.45)”.
“We note the 13 count on the 240 minute chart, and the TD perfected set up on the daily chart and we should see a small bounce – however this is indicated to be shallow. It targets 126.08, the 2015 low and the 121.87 50% retracement of the bull move from 2012”.