EUR/JPY bearish below138.76/83 – Commerzbank

FXStreet (Edinburgh) - The selling interest would prevail as long as trade remains below the 138.76/83 band, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“EUR/JPY’s slip through the 137.70 June low has the 136.25 February low in its sights”.

“The market will remain directly offered below 138.76/83, the July 9th high and three month resistance line”.

“Now pretty unlikely rallies will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.08.