5 Aug 2015
EUR/JPY bearish bias below 137.80 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding a bearishly biased view on EUR/JPY while trading below key resistances.
Key Quotes:
"EUR/JPY repeated failure to overcome the 200 day ma at 137.07 finally took its toll and the market has eroded the 4 month uptrend at 137.51. This opens up the possibility of a slide to key support, which lies at 133.57/10, the lows since May.
We will need to see a close above the 200 day ma and the 137.80 July high to retarget the 140.70/141.06 recent highs."
Key Quotes:
"EUR/JPY repeated failure to overcome the 200 day ma at 137.07 finally took its toll and the market has eroded the 4 month uptrend at 137.51. This opens up the possibility of a slide to key support, which lies at 133.57/10, the lows since May.
We will need to see a close above the 200 day ma and the 137.80 July high to retarget the 140.70/141.06 recent highs."