10 Feb 2015
EUR/JPY: Heading for a bullish retracement near term? - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY is open to a deeper retracement.
Key Quotes:
"EUR/JPY is near term upside corrective and the Elliott wave count on the daily is suggesting 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 139.61. We note however that the intraday charts are more negative and the market has stalled at the 20 day ma at 134.64."
Key Quotes:
"EUR/JPY is near term upside corrective and the Elliott wave count on the daily is suggesting 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 139.61. We note however that the intraday charts are more negative and the market has stalled at the 20 day ma at 134.64."