6 Jun 2014
EUR/JPY negative bias while below 141.00 - Commerzbank
FXStreet (Edinburgh) - The EUR/JPY would keep the negative view as long as it keeps the trade below the 141.00 mark, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY no change, the market’s correction higher has so far stalled at 140”.
“The near term move higher will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.93”.
“We look for it to struggle above 140. Our bias remains negative and our initial downside target is the 136.25 2014 low”.
“Although it should be noted that the market recently completed a symmetrical triangle and this triangle measures to approximately 130, which is achievable by the end of the year”.
Key Quotes
“EUR/JPY no change, the market’s correction higher has so far stalled at 140”.
“The near term move higher will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.93”.
“We look for it to struggle above 140. Our bias remains negative and our initial downside target is the 136.25 2014 low”.
“Although it should be noted that the market recently completed a symmetrical triangle and this triangle measures to approximately 130, which is achievable by the end of the year”.