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Has EUR/JPY found a base? – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross seems to have found a base.

Key Quotes

EUR/JPY has eroded the top of the daily cloud and this has introduced scope to the 139.67 2014 channel”.

“Intraday Elliott wave counts are positive and the close above the 138.28 high does suggest that the market has based for now”.

“The 139.67 channel coupled with the 200 day ma at 139.84, suggests that this should hold the initial test”.

“However there is a small base evident on the chart and a close above here however would introduce scope to the 50% retracement at 140.70”.

“Intraday dips lower are indicated to terminate circa 137.75 for another leg higher”.

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