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5 Jul 2013
Flash: Cloud resistance at 131.16 blocks topside - Commerzbank
FXstreet.com (London) - EUR/JPY continues to exhibit signs of failure.
Analysts teams at Commerzbank said that the EUR/JPY continues to exhibit signs of failure just ahead of the 131.12/30 resistance band (April high, the June 11 high and the top of the daily cloud) as expected and has reacted back towards the 20 day ma at 128.45.
They suggest that as long as 131.30 caps, there is a risk of a slide back to the base of the cloud at 126.47 then 125.00/124.45 band of support (mid-April low and the 23.6% retracement of the entire move up from the July 2012 low). “This is a key band of support and 124.45 is considered to be the break down point to 118.82/65, the February and April lows and the 38.2% retracement of the same move.”
Analysts teams at Commerzbank said that the EUR/JPY continues to exhibit signs of failure just ahead of the 131.12/30 resistance band (April high, the June 11 high and the top of the daily cloud) as expected and has reacted back towards the 20 day ma at 128.45.
They suggest that as long as 131.30 caps, there is a risk of a slide back to the base of the cloud at 126.47 then 125.00/124.45 band of support (mid-April low and the 23.6% retracement of the entire move up from the July 2012 low). “This is a key band of support and 124.45 is considered to be the break down point to 118.82/65, the February and April lows and the 38.2% retracement of the same move.”