Back
29 Jul 2015
EUR/JPY aims to break above 137.11 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the cross could overcome the 137.11 levels in the near term.
Key Quotes
“EUR/JPY is probing the 200 day ma at 137.11. It continues to recover off the 3 month uptrend at 134.93. We will look for a break above the 200 day ma shortly - this will introduce scope to the 140.70/141.06 recent highs, which are again expected to act as tough resistance for the market”.
“Currently the Elliott wave count on the daily chart is suggesting that the market will fail in this vicinity”.
“Below the 134.93 uptrend, Key support lies at 133.57/10, the lows since May”.
Key Quotes
“EUR/JPY is probing the 200 day ma at 137.11. It continues to recover off the 3 month uptrend at 134.93. We will look for a break above the 200 day ma shortly - this will introduce scope to the 140.70/141.06 recent highs, which are again expected to act as tough resistance for the market”.
“Currently the Elliott wave count on the daily chart is suggesting that the market will fail in this vicinity”.
“Below the 134.93 uptrend, Key support lies at 133.57/10, the lows since May”.