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EUR/JPY initial hurdle at 139.57/81 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the cross will fin the initial hurdle in the mid/upper-139.00s.

Key Quotes

EUR/JPY charted an inside day yesterday and Intraday dips lower are indicated to terminate circa 138.15/137.85 for another leg higher”.

“Last week the market eroded the top of the daily cloud and completed a base - this has introduced scope to the 139.57 2014 channel”.

“Intraday Elliott wave counts are positive and we look for further gains this week”.

“The 139.57 channel coupled with the 200 day ma at 139.81, 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 2014 downtrend at 140.35”.

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