21 Aug 2013
Flash: EUR/JPY cloud support - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank said EUR/JPY’s drop on Tuesday retested cloud support at 129.38.
Key Quotes:
“EUR/JPY’s drop on Tuesday retested cloud support at from where it has since then swiftly bounced back, though”.
“The 61.8% Fibonacci retracement at 130.92 is thus back in play. Above it sits the 78.6% Fibonacci retracement at 131.72. This may be reached in the days to come but we do not expect to see the current August high at 131.97 being bettered on a New York daily closing basis.
"In case of a, for now, unexpected fall through Tuesday’s 129.28 low being seen, the current 127.97 August low will be eyed and, if slipped through, should see follow through losses to 126.57, the June 26 low”.
"This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come”.
Key Quotes:
“EUR/JPY’s drop on Tuesday retested cloud support at from where it has since then swiftly bounced back, though”.
“The 61.8% Fibonacci retracement at 130.92 is thus back in play. Above it sits the 78.6% Fibonacci retracement at 131.72. This may be reached in the days to come but we do not expect to see the current August high at 131.97 being bettered on a New York daily closing basis.
"In case of a, for now, unexpected fall through Tuesday’s 129.28 low being seen, the current 127.97 August low will be eyed and, if slipped through, should see follow through losses to 126.57, the June 26 low”.
"This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come”.