20 Aug 2015
EUR/JPY could test 138.85 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could re-visit the 138.85 area.
Key Quotes
“EUR/JPY the market is finding some support just ahead of the 200 day ma at 136.81 and we look for a retest of the 100% Fibonacci extension of the July bounce at 138.85”.
“The market has been capped by this level for 3 times recently and this is the near term break point for 140.67/141.06”.
“Only a currently unexpected slip below the 136.21 uptrend would open up the possibility of a slide to key support at 133.30/10, the lows seen since May, unfolding”.
Key Quotes
“EUR/JPY the market is finding some support just ahead of the 200 day ma at 136.81 and we look for a retest of the 100% Fibonacci extension of the July bounce at 138.85”.
“The market has been capped by this level for 3 times recently and this is the near term break point for 140.67/141.06”.
“Only a currently unexpected slip below the 136.21 uptrend would open up the possibility of a slide to key support at 133.30/10, the lows seen since May, unfolding”.