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28 Mar 2014
EUR/JPY downside limited – Commerzbank
FXStreet (Edinburgh) - The EUR/JPY keeps the consolidation pattern so far, although according to technical studies, the downside would be limited, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“We have seen a small stab lower but this has again not been maintained and the intraday Elliott wave counts are suggesting that the downside is limited, we would exercise some caution”.
“The market is holding over the 50% retracement at 140.02 for now. Stronger support is to be found between the 61.8% Fibonacci retracement at 139.13 and the 138.80 late February low”.
Key Quotes
“We have seen a small stab lower but this has again not been maintained and the intraday Elliott wave counts are suggesting that the downside is limited, we would exercise some caution”.
“The market is holding over the 50% retracement at 140.02 for now. Stronger support is to be found between the 61.8% Fibonacci retracement at 139.13 and the 138.80 late February low”.