Back
21 May 2014
EUR/JPY outlook remains negative – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Senior Technical Analysis at Commerzbank, commented the stance for the cross remains negative.
Key Quotes
“EUR/JPY we note the 13 count on the 240 minute chart together with TD support at 138.18 and would allow for a small rebound ahead of further losses”.
“Beyond this rebound, the outlook is decidedly negative – the market has recently failed at a 35 year downtrend, eroded its 2013-2014 uptrend and broken down from a symmetrical triangle”.
“Rallies are indicated to terminate ahead of 139.70/140.45 and while capped by the 55 day ma at 141.29 it will remain directly offered”.
Key Quotes
“EUR/JPY we note the 13 count on the 240 minute chart together with TD support at 138.18 and would allow for a small rebound ahead of further losses”.
“Beyond this rebound, the outlook is decidedly negative – the market has recently failed at a 35 year downtrend, eroded its 2013-2014 uptrend and broken down from a symmetrical triangle”.
“Rallies are indicated to terminate ahead of 139.70/140.45 and while capped by the 55 day ma at 141.29 it will remain directly offered”.