23 May 2014
EUR/JPY offered below 141.21 – Commerzbank
FXStreet (Edinburgh) - The offered tone would prevail in the EUR/JPY as long as spot trades below the 55-d MA at 141.21, suggested Katen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/JPY continues to recover from the 200 day ma at 138.05 and we look for a small rebound ahead of further losses”.
“Rallies are indicated to terminate ahead of 139.70/140.45 and while capped by the 55 day ma at 141.21 it will remain directly offered”.
“Our initial downside target is the 200 day ma at 138.10 en route to the 136.25 2014 low. Although it should be noted that the downside measured target suggests losses to approximately 130 by the end of the year”.
Key Quotes
“EUR/JPY continues to recover from the 200 day ma at 138.05 and we look for a small rebound ahead of further losses”.
“Rallies are indicated to terminate ahead of 139.70/140.45 and while capped by the 55 day ma at 141.21 it will remain directly offered”.
“Our initial downside target is the 200 day ma at 138.10 en route to the 136.25 2014 low. Although it should be noted that the downside measured target suggests losses to approximately 130 by the end of the year”.