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2 Mar 2015
EUR/JPY: Technically bearish to below 130 handle - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY came under increasing downside pressure last week and saw failure ahead of the 38.2% retracement at 137.65.
Key Quotes:
"... and well ahead of the 200 day moving average at 139.29."
"This is viewed negatively and we look for a slide towards initial support towards the 132.00 2nd February low and then the 130.20 recent low."
"The 20th February low at 133.56 is being eroded currently immediate pressure is on the downside. This leaves our longer term negative bias 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."
Key Quotes:
"... and well ahead of the 200 day moving average at 139.29."
"This is viewed negatively and we look for a slide towards initial support towards the 132.00 2nd February low and then the 130.20 recent low."
"The 20th February low at 133.56 is being eroded currently immediate pressure is on the downside. This leaves our longer term negative bias 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."