EUR/JPY: halted at the six-month downtrend - Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY has halted at the six month downtrend line at 132.34 and is now consolidating.

    Key Quotes:

    "Below it the currency pair is to range trade for several days this week. Slips back towards the 55 day moving average at 130.67 are expected to be seen while the January high at 132.45 and the downtrend put a lid on EUR/JPY. The various Elliott wave counts are implying dips lower should halt in the 130.00/129.30 range for the resumption of the upmove.

    Should the 132.42/45 area be exceeded, the 200 day moving average at 134.29 and the December peak at 134.58 would be back in the picture. Longer term we are going to neutralise at this stage."
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