8 Jul 2014
EUR/JPY still bearish – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the cross still points to the downside.
Key Quotes
“EUR/JPY came under pressure on Monday following last week’s failure to break beyond the 200 day ma, at 139.20 currently”.
“We remain bearish, the Elliott wave count is still suggesting that 139.29 is the end of the corrective wave and we should see the market come under pressure to the 137.70 recent low and the 136.25 February low”.
“The market will remain directly offered below 139.18/20”.
Key Quotes
“EUR/JPY came under pressure on Monday following last week’s failure to break beyond the 200 day ma, at 139.20 currently”.
“We remain bearish, the Elliott wave count is still suggesting that 139.29 is the end of the corrective wave and we should see the market come under pressure to the 137.70 recent low and the 136.25 February low”.
“The market will remain directly offered below 139.18/20”.