Forex Flash: EUR/JPY in downside corrective mode – 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 technical perspective.
Jones begins by noting that EURJPY is at last showing signs of failure at the 107.73/108.00 range which is the 78.6% retracement and the April high. She feels that the recent TD perfection set up, diverging RSI and the 13 count on the daily, gives warning of a likely correction lower very near term which she suspects is already underway.
Jones believes that dips will find initial support at 104.59/69, the October peak ahead of 102.67, the 38.2% retracement of the move up from the July low. Beyond this corrective phase, she remains bullish but her 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 108.05 and a target of 104.80.
Jones begins by noting that EURJPY is at last showing signs of failure at the 107.73/108.00 range which is the 78.6% retracement and the April high. She feels that the recent TD perfection set up, diverging RSI and the 13 count on the daily, gives warning of a likely correction lower very near term which she suspects is already underway.
Jones believes that dips will find initial support at 104.59/69, the October peak ahead of 102.67, the 38.2% retracement of the move up from the July low. Beyond this corrective phase, she remains bullish but her 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 108.05 and a target of 104.80.
Free Annual Reports
