13 Jan 2015
EUR/JPY eye's set for October low
FXStreet (Guatemala) - EUR/JPY is currently trading at 139.03 with a high of 140.54 and lows at 139.03, down 0.73% on the day.
EUR/JPY took out the 200 day ma at 140.29 and is breaking away to the downside to the meet the current lows of 139.03. From here, Karen Jones, chief analyst at Commerzbank explained recently that the market recently topped just ahead of 150.00, and short to medium, the risk is now to the downside. "We look for a sell off to the 134.15 October low".
"Initial resistance is offered by the 143.79 March 2014 high ahead of the
short term downtrend at 145.35. The Elliott wave count on the intraday
chart is suggesting we allow for a retracement into the 141.45/142.56
band prior to another leg lower" - Karen Jones.
EUR/JPY took out the 200 day ma at 140.29 and is breaking away to the downside to the meet the current lows of 139.03. From here, Karen Jones, chief analyst at Commerzbank explained recently that the market recently topped just ahead of 150.00, and short to medium, the risk is now to the downside. "We look for a sell off to the 134.15 October low".
"Initial resistance is offered by the 143.79 March 2014 high ahead of the
short term downtrend at 145.35. The Elliott wave count on the intraday
chart is suggesting we allow for a retracement into the 141.45/142.56
band prior to another leg lower" - Karen Jones.