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31 Mar 2015
EUR/JPY bearish below 131.67/132.00 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the likeliness of further pullbacks as long as the cross trades below the 131.67/132.00 band.
Key Quotes
“Last week EUR/JPY nearly reached the March 18 high at 131.67 and the February low at 132.00 before resuming its downtrend”.
“As long as this resistance area caps on a daily chart closing basis, further downside pressure should be seen”.
“We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement”.
“A currently unexpected rise and daily chart close above the 132.00 February high would lead to the 55 day moving average at 133.05 being targeted next”.
Key Quotes
“Last week EUR/JPY nearly reached the March 18 high at 131.67 and the February low at 132.00 before resuming its downtrend”.
“As long as this resistance area caps on a daily chart closing basis, further downside pressure should be seen”.
“We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement”.
“A currently unexpected rise and daily chart close above the 132.00 February high would lead to the 55 day moving average at 133.05 being targeted next”.