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3 Jun 2014
EUR/JPY a visit to 140.05 is not ruled out – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current recovery in EUR/JPY could test the area around the 140.00 handle.
Key Quotes
“It’s recent low of 137.98 was accompanied by a divergence of the daily RSI and we would allow for a near term rebound. Initial resistance is 139.36, the 27thMay high, but the Elliott wave count of the daily chart is suggesting that we should allow for a rally to the 140.05 zone”.
“This move is regarded as corrective and will make little impact on our negative bias while capped by 141.00”.
Key Quotes
“It’s recent low of 137.98 was accompanied by a divergence of the daily RSI and we would allow for a near term rebound. Initial resistance is 139.36, the 27thMay high, but the Elliott wave count of the daily chart is suggesting that we should allow for a rally to the 140.05 zone”.
“This move is regarded as corrective and will make little impact on our negative bias while capped by 141.00”.