21 Mar 2014
EUR/JPY 240m chart is negative - Commerzbank
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY 240 minute chart remains negative.
Key Quotes:
“The 240 minute chart remains negative and is suggesting that we will see failure on rallies to 142.05, however signals are conflicting and a close below the uptrend at 141.06is needed to alleviate upside pressure. We note the sell signal on the MACD indicator”.
“Failure there will lead to the 140.46 last weeks low and the 50% retracement at 140.02. Stronger support is to be found between the 61.8% Fibonacci retracement at 139.13 and the 138.80 late February
low”.
Above 142.25 will imply another run up to 143.66/79, the 78.6% retracement and the recent high”.
Key Quotes:
“The 240 minute chart remains negative and is suggesting that we will see failure on rallies to 142.05, however signals are conflicting and a close below the uptrend at 141.06is needed to alleviate upside pressure. We note the sell signal on the MACD indicator”.
“Failure there will lead to the 140.46 last weeks low and the 50% retracement at 140.02. Stronger support is to be found between the 61.8% Fibonacci retracement at 139.13 and the 138.80 late February
low”.
Above 142.25 will imply another run up to 143.66/79, the 78.6% retracement and the recent high”.