1 Dec 2015
EUR/JPY declines appear limited – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, further downside in the cross could be limited.
Key Quotes
“EUR/JPY is showing signs of embryonic recovery just ahead of the base of the 5 month channel at 129.38 and the 78.6% retracement at 129.28”.
“We also note the presence of a TD perfected set up on the daily chart and a 13 count. All 3 suggest the downside is limited - we would exit short positions”.
Key Quotes
“EUR/JPY is showing signs of embryonic recovery just ahead of the base of the 5 month channel at 129.38 and the 78.6% retracement at 129.28”.
“We also note the presence of a TD perfected set up on the daily chart and a 13 count. All 3 suggest the downside is limited - we would exit short positions”.