19 Feb 2015
EUR/JPY: Correction to falter at 139.44 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY remains bid but has not eroded anything important.
Key quotes:
"So the view for now remains unchanged."
"The correction higher may have already terminated at 136.70 – the intraday Elliott wave counts are more negative compared to the Elliott wave count on the daily, which is suggesting that we allow for a deeper retracement into the 138.50/140.60 band."
"Either way we look for the corrective move higher to falter around the 200 day moving average at 139.44 and remain longer term negatively biased. Support lies 132.40/00 then 130.16/00 the recent low."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."
Key quotes:
"So the view for now remains unchanged."
"The correction higher may have already terminated at 136.70 – the intraday Elliott wave counts are more negative compared to the Elliott wave count on the daily, which is suggesting that we allow for a deeper retracement into the 138.50/140.60 band."
"Either way we look for the corrective move higher to falter around the 200 day moving average at 139.44 and remain longer term negatively biased. Support lies 132.40/00 then 130.16/00 the recent low."
"Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."