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17 Mar 2015
EUR/JPY: Technically the correction can move higher - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding the EUR/JPY.
Key Quotes:
"EUR/JPY charted an inside day yesterday and coupled with the fact that the low from last week of 127.67 was not confirmed by the daily RSI, there is a loss of downside momentum."
"Near term we would allow for a small corrective rebound, rallies will find initial resistance lies at 130.16, the January low and at 131.77, the 3 month downtrend, which is expected to cap."
"We note a 13 count on the daily and TD support at 126.60. This is regarded as the break down point to 124.94/June 2013 low en route to the 122.42/121.95 200 week ma and 50% retracement of the same move."
Key Quotes:
"EUR/JPY charted an inside day yesterday and coupled with the fact that the low from last week of 127.67 was not confirmed by the daily RSI, there is a loss of downside momentum."
"Near term we would allow for a small corrective rebound, rallies will find initial resistance lies at 130.16, the January low and at 131.77, the 3 month downtrend, which is expected to cap."
"We note a 13 count on the daily and TD support at 126.60. This is regarded as the break down point to 124.94/June 2013 low en route to the 122.42/121.95 200 week ma and 50% retracement of the same move."