24 Jul 2013
Flash: EUR/JPY remains under pinned – Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said the EUR/JPY remains under pinned by its 8 month uptrend at 129.63.
Key Quotes:
“We can only assume that while above here, scope remains to test the 133.82 May high”.
“Above here would see targets of 135.50 then 136.90 engage (TD resistance and the measurement higher of the wedge that completed at the end of last year)”.
“Below 129.63 would alleviate upside pressure for a slide back to the base of the cloud at 128.77 and then the 124.94 June low”.
“Shorter term (1-3 weeks): Neutral to positive to the 133.82 May high. Medium term (1-3 months): Neutral”
Key Quotes:
“We can only assume that while above here, scope remains to test the 133.82 May high”.
“Above here would see targets of 135.50 then 136.90 engage (TD resistance and the measurement higher of the wedge that completed at the end of last year)”.
“Below 129.63 would alleviate upside pressure for a slide back to the base of the cloud at 128.77 and then the 124.94 June low”.
“Shorter term (1-3 weeks): Neutral to positive to the 133.82 May high. Medium term (1-3 months): Neutral”