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30 Jul 2014
EUR/JPY bearish below 137.83 – Commerzbank
FXStreet (Edinburgh) - The cross will keep the neutral to negative outlook as long as the market remains capped by 137.83, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY continues to see a a small recovery just ahead of the 136.25 2014 low”.
“The recent rebound has been tepid at best and this suggests that the market remains vulnerable. Failure 136.25 will trigger losses towards the 133.50/40 23.6% retracement of the entire move up from 2012”.
“We continue to target the 130.00 level slightly longer term. which is achievable by year end”.
“While the rally is capped by the 2 month resistance line at 137.83 we will maintain a neutral to negative bias”.
“Above 137.83 delays but does not negate our negative bias while EUR/JPY is capped by the 2014 downtrend at 140.68”.
Key Quotes
“EUR/JPY continues to see a a small recovery just ahead of the 136.25 2014 low”.
“The recent rebound has been tepid at best and this suggests that the market remains vulnerable. Failure 136.25 will trigger losses towards the 133.50/40 23.6% retracement of the entire move up from 2012”.
“We continue to target the 130.00 level slightly longer term. which is achievable by year end”.
“While the rally is capped by the 2 month resistance line at 137.83 we will maintain a neutral to negative bias”.
“Above 137.83 delays but does not negate our negative bias while EUR/JPY is capped by the 2014 downtrend at 140.68”.