10 Mar 2015
EUR/JPY: Longer term view bearish - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY continues to weigh on the downside and attention remains firmly fixed on the 130.20 recent low.
Key Quotes:
"While below the 136.70 mid February high our longer term negative bias will remain intact and we look for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012)."
"This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move. Initial resistance lies at 134.60, the March high so far and the short term downtrend at 135.53."
Key Quotes:
"While below the 136.70 mid February high our longer term negative bias will remain intact and we look for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012)."
"This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move. Initial resistance lies at 134.60, the March high so far and the short term downtrend at 135.53."