19 Jun 2014
EUR/JPY still bearish below141.00 – Commerzbank
FXStreet (Edinburgh) - The cross would remain offered below the 141.00 level, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY continues to rebound from the 78.6% retracement at 137.86, it has recently failed to close below here 3 times”.
“Rallies have found initial resistance at the 200 day ma at 138.83 and will find additional resistance at 139.00/27. Key resistance remains 140.10”.
“Below 137.70 we look for losses to the 136.25 February low”.
“Rallies will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.70”.
Key Quotes
“EUR/JPY continues to rebound from the 78.6% retracement at 137.86, it has recently failed to close below here 3 times”.
“Rallies have found initial resistance at the 200 day ma at 138.83 and will find additional resistance at 139.00/27. Key resistance remains 140.10”.
“Below 137.70 we look for losses to the 136.25 February low”.
“Rallies will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.70”.