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EUR/JPY potential decline towards 135.73 – Commerzbank

FXStreet (Edinburgh) - The cross could lose upside momentum and retrace to the 135.70 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY held steady yesterday, absorbing last weeks losses”.

“It has seen a small rebound which should struggle ahead of 137.51 55 day ma and we look for the market to sell off towards the 135.73 the 8th August low.

“Failure here opens up losses to the base of the 2014 down channel and the September 2013 high, which currently cuts in at 135.02/134.95”.

“Failure here will target the 133.50/23.6% retracement of the move from the middle of 2012”.

“Rallies are now likely to find 137.15/50 offers interim resistance and the market should remain capped by the 138.28 3rd September high”.

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