Forex Flash: EUR/JPY Caution warranted – Commerzbank
Forex pairs in this Article »
EUR/JPY
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at EURJPY from a purely technical perspective.
Jones sees no real change in the pair. The market is pushing hard into the 107.73/108.00 range which is the 78.6% retracement and the April high. She notes that this leaves her outlook unchanged and she remains wary of a near term corrective phase.
Jones highlights the TD perfection set up and the 13 count on the daily chart which, together with the divergence of the daily RSI suggests caution. She writes, "We would like to see a close above here to confirm upside intent. Dips will find initial support at 104.59/47, the October peak ahead of 102.50, the 38.2% retracement of the move up from the July low. Beyond this, our overall target is 111.43/112.08, the 2012 high and the 2009 low." Jones is currently holding minor shorts at 107.625 with a stop at 108.625 and a stop at 108.05 and a target of 104.60.
Jones sees no real change in the pair. The market is pushing hard into the 107.73/108.00 range which is the 78.6% retracement and the April high. She notes that this leaves her outlook unchanged and she remains wary of a near term corrective phase.
Jones highlights the TD perfection set up and the 13 count on the daily chart which, together with the divergence of the daily RSI suggests caution. She writes, "We would like to see a close above here to confirm upside intent. Dips will find initial support at 104.59/47, the October peak ahead of 102.50, the 38.2% retracement of the move up from the July low. Beyond this, our overall target is 111.43/112.08, the 2012 high and the 2009 low." Jones is currently holding minor shorts at 107.625 with a stop at 108.625 and a stop at 108.05 and a target of 104.60.
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