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22 Mar 2016
EUR/JPY still well supported near 125.40/00 – Commerzbank
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”.
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”.