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6 Feb 2015
EUR/JPY: Looking for losses to 128.52/34 longer term - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank again noted that the EUR/JPY has seen a slight erosion of its initial Fibonacci resistance at 134.80, but looks for losses longer term.
Key Quotes:
"Near term strength is viewed as corrective only, however the Elliott wave count on the daily is suggest that we allow for a deeper retracement into the 136.56/138.57 band."
"The corrective move higher should falter ahead of the 200 day moving average at 139.68. We note however that the intraday charts are more negative and the market has stalled at the 20 day ma at 135.16."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. Initial support is 132.00/40."
Key Quotes:
"Near term strength is viewed as corrective only, however the Elliott wave count on the daily is suggest that we allow for a deeper retracement into the 136.56/138.57 band."
"The corrective move higher should falter ahead of the 200 day moving average at 139.68. We note however that the intraday charts are more negative and the market has stalled at the 20 day ma at 135.16."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. Initial support is 132.00/40."