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EUR/JPY well supported around 125.40/00 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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

    Key Quotes

    EUR/JPY has pulled back from the 50% retracement at 127.27”.

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

    “We look for further gains towards key resistance which is the 130.25 2014-16 downtrend line. Only a close above here would negate recent downside pressure”.
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