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EUR/JPY still well supported near 125.40/00 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, pullbacks in the cross could remain well supported around 125.40/00.

    Key Quotes

    EUR/JPY no change, we continue to favour recovery. It continues to consolidate below the 50% retracement at 127.27”.

    “The intraday Elliott wave count remains positive and for now we will look for dips to hold in the 125.40/00 region and allow for gains to the 128.16, the February 16 high”.

    “We look for further gains towards key resistance which is the 129.65 2014-16 downtrend line. Only a close above here would negate recent downside pressure”.
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