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19 Aug 2013
Flash: EUR/JPY bounces off cloud support
FXstreet.com (Barcelona) - Karen Jones, Head of FICC Technical Analysis at Commerzbank offered her analyses on EUR/JPY.
Key Quotes:
“EUR/JPY’s recent recovery briefly paused at 130.70 this week, not far off the 61.8% Fibonacci retracement at 130.92”.
“Key resistance above it can be seen around the 131.97 current August high. Cloud support at 129.38 was being tested on Thursday but held”.
“Therefore further short term range trading is likely to be witnessed. In case of a fall through 129.38 being seen, though, the current 127.97”.
“August low would be eyed and, if slipped through as well, should see follow through losses to 126.57, the June 26 low”.
“This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come”.
Key Quotes:
“EUR/JPY’s recent recovery briefly paused at 130.70 this week, not far off the 61.8% Fibonacci retracement at 130.92”.
“Key resistance above it can be seen around the 131.97 current August high. Cloud support at 129.38 was being tested on Thursday but held”.
“Therefore further short term range trading is likely to be witnessed. In case of a fall through 129.38 being seen, though, the current 127.97”.
“August low would be eyed and, if slipped through as well, should see follow through losses to 126.57, the June 26 low”.
“This is regarded as the last defence for the 124.94 June low which is our downside target for the weeks to come”.