3 Jul 2015
EUR/JPY: Bears look for 133.10, bulls seek 139.50 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that EUR/JPY charted another inside day to leave the view unchanged.
Key Quotes:
"It continues to hold steady and we continue to look for upside probes. The market has recently seen a strong rally higher that has altered the Elliott wave counts to more positive."
"The move has neutralised our outlook and the market is currently suggesting that we could see a retest of the 139.50 area, where we suspect it will fail and we will see further ranging. Dips lower will find initial support at 135.79, the 55 day ma ahead of the 133.10/57 May low and 50% retracement."
Key Quotes:
"It continues to hold steady and we continue to look for upside probes. The market has recently seen a strong rally higher that has altered the Elliott wave counts to more positive."
"The move has neutralised our outlook and the market is currently suggesting that we could see a retest of the 139.50 area, where we suspect it will fail and we will see further ranging. Dips lower will find initial support at 135.79, the 55 day ma ahead of the 133.10/57 May low and 50% retracement."